Indian benchmark indices reached fresh record highs on Wednesday, driven by gains in banking and media stocks.

The BSE Sensex gained 620.73 points, or 0.8 percent, to close at 78,674.25, while the Nifty added 147.50 points, or 0.62 percent, to end at 23,868.80.

Leading the gains on the Nifty 50 were Reliance Industries, Bharti Airtel, UltraTech Cement, ICICI Bank, and Grasim. Apollo Hospitals, Mahindra & Mahindra, Bajaj Auto, Tata Steel, and Hindalco Industries emerged as the top laggards.

Reliance Industries set a new record high, while Bharti Airtel surged over 3 percent, marking significant large-cap gains on the major indices.

The broader markets displayed mixed performance, with the Nifty SmallCap rising 0.11 percent and the MidCap declining marginally by 0.05 percent.

Sector-wise, the Nifty Media rose 1.7 percent, Nifty Bank by 0.5 percent, and Nifty FMCG by 0.4 percent. The metal sector remained the top loser, dropping over 1.39 percent.

While foreign investors bought Indian equities, domestic investors showed differing market sentiment by selling shares.

“Foreign portfolio investors (FPIs) sustained their buying streak for the 12th consecutive session, acquiring USD 141 million worth of shares on Tuesday. Since June 7, FPIs have invested a total of USD 3.7 billion in Indian equities, buoyed by reduced policy uncertainty. Domestic institutional investors (DIIs) have also been active, purchasing USD 1.6 billion worth of shares in the same period,” said Varun Aggarwal, MD of Profit Idea.

“Gold and silver prices are declining due to the Federal Reserve’s aggressive stance on maintaining higher interest rates, which increases US Treasury bond yields and limits precious metal gains. However, geopolitical tensions between Israel and Lebanon are supporting safe-haven demand,” he added.

Gold is trading between Rs 71,000 and Rs 71,800, awaiting a breakout to establish a new trend.

(With ANI input)