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Markets came off their record highs with the Nifty topping 8,400 and the Sensex ended above 28,000 for the first time led by financials.
The Sensex surged 203.97 points or 0.73 per cent to trade at a new record-high of 28,114.03 and the Nifty hit a new life-time high of 8,407.35 in the intraday trades.
The Sensex gained 99 points to end at 28,009 whereas the Nifty climbed 21 points to end at 8,383.
The broader markets closed almost in line with the benchmark indices- BSE Mid-cap and Small-cap indices gained between 0.2-0.5%. Mid-cap stocks gained ground in trade on Wednesday. S&P BSE Mid-cap index closed at 10133.27 after hitting a 52-week high of 10,184.93 in intra-day deals.
Similarly, on the NSE, the CNX Mid-cap index also raced to fresh high of 12,215.15 levels in intra-day deals to end at 12167.35 levels.
The market breadth ended neutral on the BSE with 1,523 shares advancing and 1,520 shares declining.
Further , India's industrial growth for September came in at 2.5% versus a revised 0.4% for August and retail inflation for the month of October dipped to 5.52%, down from 6.46% in September, a decline that is likely to sharpen calls for interest rate cuts by the Reserve Bank of India, as per data released after market hours today.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Tuesday showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 458.04 crore on that day.
The rupee is trading at 61.50 vs Tuesday's close of 61.55/56. Shares will be watched for clues on foreign fund flows.
Brent crude dropped below $81 a barrel on Wednesday, holding just above a four-year low as concerns over a mounting oil glut outweighed geopolitical and supply disruption risks in Ukraine and Libya.
Global Markets:
Japanese stocks gained on Wednesday, as investors gave the thumbs-up to a media report that Prime Minister Shinzo Abe will delay a second sales tax hike to avoiding damaging Japan's economic recovery, and call a snap election to cement his position.
The Nikkei benchmark closed up 0.4% at 17,197.05, its highest since October 2007.
China stocks were mixed on Wednesday, dragged down by weak mainland banking shares as investors took profits after a big rally on Tuesday, but Hong Kong indexes edged up on continuing strength in offshore-listed Chinese financials.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 3.10 points, or 0.12%, to 2,555.51 at the end of the morning session, while the Shanghai Composite Index lost 7.51 points, or 0.3%, to 2,462.16.
European stock markets are dropping after opening flat. France's CAC 40 is down 0.42% while Germany's DAX has lost 0.72% and UK's FTSE 100 has dipped 0.19%.
Sectors & Stocks:
On the sectoral front, BSE Auto index and Bankex ended up over 1%. BSE FMCG, Consumer Durables and Realty indices gained between 0.2-1%. However, BSE Power index was down nearly 1.5%. BSE Oil & Gas and Metal indices lost between 0.5-1%.
Bajaj Auto, Tata Motors, Hero Motocorp and Maruti Suzuki from auto sector ended higher between 1-2% on the National Stock Exchange. NSE CNX Auto index hit a record high of 8,315.70 up by 1.6% during the day.
SBI, HDFC Bank, ICICI Bank, Yes Bank, Kotak Mahindra Bank, Union Bank of India, Canara Bank, Indusind Bank and Axis Bank from banking ended firm with gains between 1-3.5%. Bank Nifty hit a record high of 17,617.60 up by 1.2% intra-day.
Consumer price inflation (CPI) to moderate to 5.7 per cent in January 2016, lower than the Reserve Bank of India’s (RBI’s) target of 6 per cent, UBS said in a report.
Among the realty stocks, Anantraj, DLF and India Bulls gained between 1-2% on the BSE.
Other notable gainers were BHEL, ITC, Hindalco, Sesa Sterlite, TCS, Bharti Airtel and Dr Reddy’s Labs, all surged between 0.4-1.5%.
On the flip side, Power stocks ended dim in today’s trade. NTPC and Tata Power lost between 2-2.5%.
Tata Steel ended 2.4% lower ahead of the quarterly results. Net profit for the second quarter ended September 30, 2014 was higher at Rs 1,254 crore compared with Rs 917 crore in the same quarter last fiscal. However, total income declined to Rs 36,848 crore compared with Rs 36,099 crore last year, the company said in a release after market hours.
Tata Steel ended 2.4% lower ahead of the quarterly results. Net profit for the second quarter ended September 30, 2014 was higher at Rs 1,254 crore compared with Rs 917 crore in the same quarter last fiscal. However, total income declined to Rs 36,848 crore compared with Rs 36,099 crore last year, the company said in a release after market hours.
Engineering Conglomerate L&T dipped 1.2% on caution ahead of the IIP data to be released later during the day.
RIL and GAIL ended lower between 0.4-0.7% on decline in crude oil prices.
Fresh selling was evident among the defensive stocks. HUL, Sun Pharma, Wipro, Infosys and Cipla dropped between 0.3-3% on profit taking.
Among other shares, Manjushree Technopack was locked in upper circuit of 20% at Rs 442 on National Stock Exchange (NSE) after the company said its board approved the voluntary delisting of the equity shares of the company.
Minda Industries soared 11% to Rs 625 after reporting nearly five-fold jump net profit at Rs 25.58 crore for the quarter ended September 30, 2014 (Q2), due to strong operational income and exceptional item gain on account of sale of battery division.
Bayer CropScience surged 10% to Rs 2,626 on the NSE after reporting a strong 50% year-on-year (yoy) jump in net profit at Rs 176 crore for the quarter ended September 30, 2014 (Q2), on back of strong operational performance. The agrochemicals company had profit of Rs 117 crore in the same quarter year ago.
