Sensex Soars 476 Points; Nifty Tops 17,500

Indian shares surged to record highs on Wednesday, with IT, power and telecom stocks leading the list of gainers.

The benchmark 30-share BSE Sensex hit as high as 58,777.06 before ending the session up 476.11 points, or 0.82 percent, at 58,723.20.

The broader NSE Nifty index ended up 139.45 points, or 0.80 percent, at 17,519.45, after having hit a high of 17,532.70 earlier in the day.

NTPC soared as much as 7.5 percent on analyst recommendations.

Bharti Airtel jumped 4.8 percent after the Union Cabinet approved a much-expected relief package for the country's cash-strapped telecoms sector, which entails relaxation to companies on payment of their long outstanding dues.

Vodafone Idea shares surged 4 percent while Reliance Industries, which owns Jio, rose half a percent.

Titan Company, ONGC and Coal India rallied 3-4 percent while Tata Consumer Products led losses to end 1 percent lower.

Zee Entertainment Enterprises fell 2.7 percent on profit taking after climbing 40 percent the previous day.

Reliance Infrastructure jumped 5 percent. The company said it will receive Rs. 7,100 cr from the Delhi Metro Rail Corporation, which will be used to repay debt and to make the company debt-free.

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