Nifty Hits Record High Of 21,595 As Bank Stocks Lead

Nifty hit its record high of 21,595.10 on Wednesday as investors remain cheerful over the share market gains and expect to end the year with massive gains. Banking stocks are leading the charts today major gains posted by HDFC Bank, Reliance Industries Ltd and Infosys.

Sensex, another key equity index, too jumped 500 points this morning and hit 71,849 - its day's highest. The 30-stock index had hit its lifetime high of 71,910 on December 20. The 50-stock Nifty too had crossed 21,500 a week ago as markets maintained a rising momentum for days.

Nifty, which closed at 21,450 yesterday, was expected to open higher today tracking gains in its Asian peers and helped by interest rate cuts by the US Federal Reserve, according to experts.

Both Nifty and Sensex have gained more than 7 per cent this month and have been in the green over the past four sessions.

With markets continuing to rise, investors expect the bull-run to continue in the New Year too when the markets open next Monday.

Healthy domestic macro numbers, a fall in US bond yields, and sustained foreign portfolio investor (FPI) inflows are being seen as the major factors that contributed to this recent surge.