Mumbai: Equity benchmarks reversed their two-session slide to finish at fresh closing highs on Thursday, propelled by robust gains in market heavyweight Reliance Industries.
Dovish comments from US Federal Reserve Chair Jerome Powell also bolstered global investor sentiment, which augurs well for fund flows into emerging markets like India, analysts said.
Overcoming bouts of mid-session volatility, the 30-share BSE index settled 222.13 points or 0.43 per cent higher at its new closing peak of 51,531.52.
In similar movement, the broader NSE Nifty advanced 66.80 points or 0.44 per cent to its all-time high of 15,173.30.
Reliance Industries was the star performer in the Sensex pack, rallying 4.07 per cent, followed by Sun Pharma, Bajaj Finance, PowerGrid, Bharti Airtel, Nestle India and HUL.
On the other hand, Titan, L&T, HDFC Bank, ITC, ONGC and SBI were among the laggards, tumbling up to 2.50 per cent.
"After the initial downtick, the benchmark recovered in no time and remained range-bound thereafter...The mixed trend continued on the sectoral front as Capital Goods, Consumer Goods and Auto ended with losses whereas Oil & Gas, Metal and Telecom ended with gains.
"We reiterate our bullish view on markets. However, traders should maintain extra caution in the selection of stocks now. Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday," said Ajit Mishra, VP - Research, Religare Broking.
BSE energy, telecom, oil and gas, utilities, basic materials and metal indices surged up to 3.13 per cent, while capital goods, consumer durables, auto and industrials ended in the red.
Broader BSE midcap and smallcap indices rallied up to 1.06 per cent.
US Fed Chair Jerome Powell reassured investors that interest rates will remain low in the near future to prop up the economy, adding that the jobs scenario is "a long way" from where it needs to be.
Elsewhere in Asia, markets in China, Japan and South Korea were closed for holidays.
Stock exchanges in Europe were largely trading on a positive note in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.67 per cent lower at USD 61.06 per barrel.
The Indian rupee ended 3 paise lower at 72.87 against the US dollar.
Foreign institutional investors remained net buyers in the domestic capital market as they purchased shares worth Rs 1,786.97 crore on Wednesday, according to exchange data.
Indian Rupee Slips 3 Paise To 72.87 Against US Dollar
The Indian rupee ended 3 paise lower at 72.87 against the US dollar on Thursday amid a firm trend in the domestic equity markets.
At the interbank forex market, the local unit opened at 72.81 against the greenback and witnessed an intra-day high of 72.65 and a low of 72.87.
It finally ended at 72.87 against the American currency, registering a fall of 3 paise over its previous close.
On Wednesday, the rupee had finished at 72.84.
The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.02 per cent to 90.38.
On the domestic equity market front, the BSE Sensex ended 222.13 points or 0.43 per cent higher at its all-time high of 51,531.52. Similarly, the broader NSE Nifty advanced 66.80 points or 0.44 per cent to a record 15,173.30.
Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,786.97 crore on Wednesday, according to exchange data.
Brent crude futures, the global oil benchmark, fell 0.70 per cent to USD 61.04 per barrel.
"The Indian Rupee ended flat against the US dollar, as possible intervention from RBI offset the impact of foreign flows in local equities," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
The local unit had strengthened earlier in the session amid equity purchases by foreign investors which continued to remain buoyant over the last three months, Iyer said.
The next trigger for the market could be the CPI and IIP data due on Friday, traders said.
"On the domestic front, market participants will be keeping an eye on inflation and industrial production number and better-than-estimates number could extend gains for the currency.
"Today, volatility for the dollar could remain low as no major economic data is expected to be released from the US," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Somaiyaa further added that "we expect the USD-INR (Spot) to quote sideways with a lower bias and in the range of 72.70 and 73.25."
Gold Prices Increase Marginally; Silver Jumps Rs 454
Gold in the national capital gained marginally by Rs 36 to Rs 47,509 per 10 gram on Thursday in line with firm global prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 47,473 per 10 gram.
Silver also jumped Rs 454 to Rs 69,030 per kg, from Rs 68,576 per kg in the previous trade.
In the international market, gold was trading with gains at USD 1,844 per ounce and silver was flat at USD 27.18 per ounce.
(This Article Is A Compilation Of PTI Stories)