New Delhi: The equity index surged to record the highest on Wednesday led by telecommunications, automatic stock after the government announced the support measures needed for both.
After reducing intra-day high 58,777, the 30-share BSE index closed 476 points or 0.82 percent higher at a high resolution of 58,723.
While the wider NSE settled 139 points or 0.8 percent higher at a fresh peak of 17,519.
The top players in the sensex package including NTPC, Bharti Airtel, HCl Tech, Titan and SBIs with their shares rose by 7.16 percent.
While Axis Bank, Cat Asia, Ultra Cemo, Nestle India and Sun Pharma are the main losers down to 0.38 percent.
On the NSE platform, the Nifty PSU Bank Sub-Index, it automatically gets 2.83 percent.
Investor sentiment received a boost from the cabinet decision to approve the incentive scheme (pli) related to production for the car sector and aid package which was highly expected for the telecommunications industry which was fought.
The S & P BSE Telecom index rose 3.45 percent to rise for the fourth session.
Vodafone’s idea which was full of debt jumped as much as 7 percent and a larger rival Bharti Airtel ended 4.4 percent higher.
The market is unlikely to see the main correction in the near future and will focus on the global event for a signal, said Siddharth Purohit, a research analyst at SMC Global Securities.
The cabinet also approved the PLI Crore RS 26.058 scheme for the automatic industry, automatic components and drones to improve Indian manufacturing capabilities.
Meanwhile, foreign institutional investors (FIIS) are clean buyers in the capital market because they buy shares worth 1,649.60 crore on Tuesday, according to temporary exchange data.
(With input from agency)