Sensex, Nifty End At New Record Highs; IndusInd Bank Top Gainer

Benchmark indices continued their winning streak for the third day since the Union Budget and hit fresh record high in Wednesday's session. At the close, Sensex notched gains of 458 points or 0.92% to 50256, while Nifty ended higher by 142 points or 0.97% at 14789.95, led by gains in pharma, auto and metal stocks. Broader markets however outperformed headline indices with Nifty Midcap up 1.44 percent towards the close of the session.

Sensex, Nifty End At New Record Highs; IndusInd Bank Top Gainer

Among top gainers in today's session are stocks such as IndusInd Bank, Power Grid, Coal India, Sun Pharma and Dr. Reddys while laggards have been Shree Cements, UltraTech Cement, UPL, Maruti Suzuki and ITC.

Sectorally, Nifty Pharma index gained more than 4% in intra-day trade today, with all its constituents trading in the green. In fact, in the run-up pharma majors including Sun Pharma and Cipla hit fresh high. The upward trajectory is on the back of Nirmala Sitharaman's highest budgetary allocation to the sector with an outlay pegged at Rs. 2.23 lakh crore for FY 21-22. While, Nifty Realty was the only laggard in an otherwise strong market.

IndusInd Bank made solid gains in the session today of over 10% after brokerage firm Morgan Stanley ups target price on the counter by 14%.

Tata Motors following the sharp run-up in stock price in last few weeks has reclaimed market cap of Rs. 1 trillion. The stock recorded a new 52-week high of Rs. 341.9 per share on the NSE.

Bharti Airtel stock was also trading with gains of over 2 percent ahead of its Q3FY21 results. Analysts expect the company to turn profitable while on the revenue front, there can be witnessed growth in mid-teens on a YoY basis.

With indices hitting record highs, there was seen strength in the Indian rupee which quoted marginally higher at 72.92. The rupee opened steady at 72.97 per US dollar.

Meanwhile, European indices were also trading firm with gains of up to 0.6 percent on German DAX

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