(RTTNews) - Indian shares rose sharply on Wednesday, driven by sheer momentum as foreign institutional investors continued to buy domestic equities on hopes of growth recovery and improvement in corporate earnings.
Positive global cues also helped key benchmark indexes Sensex and the Nifty end at record close as traders reacted to Janet Yellen's comments at her Senate confirmation hearing for U.S. Treasury secretary and awaited the inauguration of new U.S. president Joe Biden.
Yellen advocated hefty fiscal spending, arguing that the benefits outweighed the implications of a higher debt burden.
The benchmark S&P BSE Sensex jumped 393.83 points, or 0.80 percent, to 49,792.12, with IT and auto stocks pacing the gainers.
The broader NSE Nifty index settled at fresh closing high of 14, 644.70, up 123.55 points, or 0.85 percent, from its previous close.
Maruti Suzuki, Tech Mahindra, Wipro, Adani Ports and Tata Motors surged 3-6 percent in the Nifty pack, while HDFC Bank, GAIL, NTPC, Shree Cement and Power Grid Corp dropped 1-2 percent.
Tata Communications slumped 6.7 percent on news that the government will sell its entire 26.12 percent stake in the company through offer for sale and strategic sale route in the current fiscal.
McNally Bharat soared 4.4 percent after announcing it has bagged a series of orders from South Eastern Coalfields Ltd.
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