Equity benchmark Sensex surged over 475 points to close at new lifetime high today. The surge was driven by gains accrued by Tata Consultancy Services, Bharati Airtel and Titan recurrently helped by foreign capital inflows.
The 30-share index settled 476.11 points or 0.82 per cent higher at 58,723.20. It touched an intra-day record of 58,777.06.
Similarly, the broader NSE Nifty climbed 139.45 points or 0.80 per cent to its new closing high of 17,519.45. It touched an all-time peak of 17,532.70 during trade hours.
NTPC emerged as the top gainer in the Sensex pack, surging over 7%, followed by Bharti Airtel, Titan, HCL Tech, SBI, PowerGrid, TCS and IndusInd Bank. Asian Paints, Axis Bank, UltraTech Cement, Bajaj Finance and Nestle India were among the laggards.
In a major announcement today, the Union Government sanctioned a relief package to the telecom sector. This package includes a four-year moratorium on payment of statutory dues by telecom companies. Further, it paves the way for 100% foreign investment via the automatic route.
The Cabinet also approved a Rs 26,058 crore production linked incentive (PLI) scheme for the auto, auto-components and drone industry to enhance India's manufacturing capabilities.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong ended with losses, while Seoul closed in the green. European equities have been a mixed-bag until the mid-session trade.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,649.60 crore on Tuesday, as per provisional exchange data.
Meanwhile, international oil benchmark Brent crude spurted 1.05 per cent to USD 74.37 per barrel.
(With Inputs from PTI)