Sensex rallies over 300 points; Nifty near 18,100 level

Equity benchmark Sensex rallied over 300 points in opening trade to hit a fresh lifetime high on Tuesday, tracking gains in index heavyweights ICICI Bank, HDFC Bank and M&M despite a weak trend in global markets.

After touching a record of 60,621.72, the 30-share Sensex was trading 261.17 points or 0.43 per cent higher at 60,545.48. Similarly, the Nifty surged 97.75 points or 0.54 per cent to a new intra-day peak of 18,089.70. 

M&M was the top gainer in the Sensex pack, rallying over 3 per cent, followed by PowerGrid, Bharti Airtel, L&T, ICICI Bank and Axis Bank. 

On the other hand, Nestle India, HUL, HCL Tech, SBI and Tata Steel were among the laggards. In the previous session, the 30-share index ended 148.53 points or 0.25 per cent higher at record 60,284.31, and Nifty rose 46 points or 0.26 per cent to its fresh closing peak of 17,991.95. 

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹278.32 crore on Tuesday, as per exchange data. Domestic equities look to be good as of now, said Binod Modi Head-Strategy at Reliance Securities.