Bull run on the bourses, IT and auto stocks in focus

Equity benchmark indices scaled fresh lifetime high levels on Wednesday led by heavy buying in IT, auto and public sector bank stocks.

The BSE S&P Sensex closed 394 points or 0.8 per cent higher at 49,792 while the Nifty 50 advanced by 124 points or 0.85 per cent to 14,645.

Except for Nifty FMCG, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty IT moving up by 2.2 per cent, auto by 2.4 per cent and PSU bank by 2.1 per cent.

Among stocks, Tata Motors accelerated by 6 per cent to Rs 274.40 per share. Maruti Suzuki was up by 2.9 per cent and Mahindra & Mahindra by 2.2 per cent.

Wipro gained by 3.4 per cent to Rs 445.20 per share while Tech Mahindra gained by 2.7 per cent and Infosys by 1.7 per cent.

Index heavyweight Reliance Industries added gains of 1.9 per cent. However, SBI Life, NTPC, GAIL, HDFC Bank and ITC were in the negative terrain.

Meanwhile, Asian shares climbed to a record high as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump.

US President-elect Joe Biden, who will be sworn into office later on Wednesday, last week laid out a 1.9 trillion dollar stimulus package proposal to boost the economy and speed up the distribution of vaccines.

Hong Kong's Hang Seng moved up by 1.08 per cent to approach its 2019 peak and South Korea's Kospi was up by 0.71 per cent.

Japan's Nikkei, however, slipped 0.38 per cent on profit-taking.

( With inputs from ANI )