New Delhi: Equity indices continued to hit record highs on Tuesday in a highly volatile trade. The benchmark BSE Sensex jumped 251 points or 0.41 per cent to 62,017 in late deals; while the broader NSE Nifty moved 53 points or 0.29 per cent higher to 18,530.
Both the BSE and NSE indexes gave up early gains to slip into red during the late morning deals but soon turned positive. The 30-share BSE index also touched an intraday high of 62,245.
Top gainers in the BSE pack included Tech Mahindra, Larsen and Toubro, Bajaj Finserv, Infosys, Reliance Industries and Mahindra & Mahindra with their shares rising as much as 5.05 per cent. ITC, UltraTech Cements, Titan, PowerGrid, Tata Steel and Dr Reddy's were among the top losers.
On the NSE platform, Nifty IT outperformed the index by rising as much as 2.76 per cent. Nifty Financial Services and Media were also trading in green. Except the mentioned three sub-indices, rest of the sectoral indices were in red.
"Investors are focusing on positive events like the upcoming festival demand and earnings growth. Fundamentally, the support is coming from the monetary policy and slowdown in inflation," Vinod Nair, Head of Research at Geojit Financial Services told news agency Reuters.
The Reserve Bank of India (RBI) said on Monday that policy support is needed for longer for a sustained recovery from a coronavirus-induced slowdown, even as demand has picked up.
"There are expectations the second quarter numbers will be better than previous quarter," Mr Nair added.
Shares of information technology services provider Larsen and Toubro Infotech surged as much as 14 per cent after reporting strong September-quarter results.
Consumer giant Hindustan Unilever is among a slew of companies that will report earnings later in the day.
TTK Prestige surged as much as 20 per cent to a record high of Rs 10,587.15 after the kitchen appliance maker said it will consider a sub-division or split of shares.
Indian Energy Exchange soared nearly 20 per cent to a record high after the energy trading platform said it will consider a bonus issue of shares.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 512.44 crore on Monday, as per exchange data.
According to some market experts, investors are booking profits at every peak, adding volatility to the market.