Sensex above 49,700; auto, telecom stocks rise

The Indian equity indices scaled new highs on Wednesday morning with the BSE Sensex trading above the 49,700 mark.

The Nifty50 on the National Stock Exchange also was above the 14,600 level.

Healthy buying was witnessed in auto, telecom and oil and gas stocks.

Around 10 a.m., Sensex was trading at 49,730.90, higher by 213.79 points or 0.43 per cent from its previous close of 49,517.11.

It has touched a record high of 49,795.19 points during the day so far.

The Nifty50 on the National Stock Exchange was trading at 14,635.75, higher by 72.30 points or 0.5 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “We have achieved the 14,600 level. The key resistance patch is now between 14,650 and 14,750. It needs to be seen how the markets react here.”

“If we can get past the 14,750 level on a closing basis, we should be headed towards 15,000. The current support range for the Nifty is 14,200-14,250,” it said.

The top gainers on the Sensex were Bharti Airtel, ONGC and State Bank of India (SBI) so far, while Titan Company, TCS and Kotak Mahindra Bank were the major losers.