The benchmark Sensex today hit a new record high of 40,816.38, points led by a surge in the shares of Reliance Industries and Bharti Airtel. The Nifty was well above the 12,000 points mark and touched an intraday high of 12,038.5576 points.
Shares of Mukesh Ambani-led Reliance Industries Limited (RIL) continued their rally to touch a fresh all-time high of Rs 1,572 on Wednesday on hopes of improving prospects for its telecom business and competitors Bharti Airtel and Vodafone Idea struggle with AGR dues.
With the new all-time high, the company is nearing a market capitalisation of Rs 10 lakh crore. On Tuesday, Reliance became the first Indian company to cross the market cap of Rs 9.5 lakh crore.
IndusInd Bank, Adani ports and Yes Bank were the other shares that gained from the Nifty. Stocks that fell were Bharti Infratel, Britannia and Eicher Motors.
"We think new highs just a matter of days. Now, we expect broader markets to outperform. Markets usually run ahead of macros and price future growth. There are three positive indicators for growth - reduction in corporate tax rate, proposed divestment of large public sector units, and a possible resolution of the US china trade impasse. Therefore we see growth coming back in 2020," Sanjiv Bhasin, Director, IIFL Securities said.