Sensex surges to record high in late morning trade

Mumbai: Benchmark Sensex scaled a fresh lifetime high of 30,712 in late morning trade today on sustained buying in FMCG, realty, telecom, power and metal counters.

Sentiment was also bolstered by the progress on the GST front, with the GST Council finalising rates for most goods.

The BSE Mid-Cap index was up 0.56 percent while the Small-Cap index rose 0.89 percent.

The Sensex resumed higher at 30,539.65 and advanced to 30,712.35. It was quoting at 30,619.16 at 1100 hrs, showing a rise of 184.37 points or 0.61 percent.

The NSE 50-share Nifty was also up 52.20 points or 0.55 percent at 9,481.65 at 1100 hrs.

Major gainers were ITC 5.02 percent, HUL 2.38 percent, SBI 1.83 percent, Bharti Airtel 1.66 percent, Power Grid 1.51 percent, Axis Bank 1.47 percent, Coal India 1.46 percent and NTPC 1.17 percent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 360.59 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 897.96 crore.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports that he tried to influence a federal investigation.

US stocks closed higher yesterday, following the previous session's brutal sell-off, as positive data offered a glimmer of optimism.