The Indian benchmark equity indices, Sensex and Nifty extended gains for the eighth straight session to end at a record level on Wednesday led by pharma and metal stocks amid strong global cues.

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The Sensex ended 316.02 points or 0.73 percent higher at 43,593.67, while the Nifty gained 118.05 points or 0.93 percent to settle at 12,749.15. Nifty Bank advanced 239 points to 28,845.

Broader indices supported the gains with Nifty Smallcap100 and Nifty Midcap100 indices rising 0.72 percent and 0.37 percent, respectively.

Investor sentiment was boosted after the cabinet approved Rs 2 lakh crore Production Linked Incentives (PLI) scheme for 10 manufacturing sectors including electronic goods, automobile and auto components, pharma, air conditioners, food processing industry, among others.

“The markets are bullish with upbeat momentum. Traders can consider booking profits at regular intervals and updating their stop loss levels too. We have strong support at 12,450-12,500. A buy on dips strategy is advised whenever there are intraday drops or corrective phases. A target of 13,000-13,100 over a period of time is likely,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Among sectors, Nifty Pharma and Nifty Metals rallied the most over 3 percent each followed by Nifty Auto, Nifty IT and Nifty Financial Services.

Hindalco Industries, Tata Steel, Dr Reddy's Laboratories, Axis Bank and Eicher Motors led gains among Nifty50 constituents while IndusInd Bank, Reliance Industries, Titan Company, Asian Paints and Britannia Industries were the top index losers.

Globally, stocks gained and bonds dropped on Wednesday as news of a working COVID-19 vaccine outweighed worries over surging infections, fuelling rotation towards cut-price losers from the coronavirus pandemic such as travel stocks, Reuters reported.

The broad Euro STOXX 600 climbed 0.4 percent, adding to a 5 percent rally this week and adding to 0.1 percent gains for Asia-Pacific shares outside Japan. Wall Street futures gauges also climbed, with S&P 500 futures up 0.3 percent.

First Published:Nov 11, 2020 3:35 PM IST