Sensex, Nifty hit record highs; banks gain

MUMBAI (Reuters) - The Sensex and Nifty rose to a record high in early trading on Wednesday as blue chips such as ICICI Bank extended recent gains bolstered by buying from foreign institutional investors, while strength in other Asian markets also helped.

The Nifty rose as much as 0.50 percent to an all-time high of 6,622.80 while the Sensex also rose 0.5 percent to a lifetime high of 22,162.52 to surpass their previous record highs hit just on Tuesday.

Overseas investors have helped underpin gains, with net purchases in shares reaching $2.53 billion so far this month, according to regulatory data.

Asian shares raced to two-week highs on Wednesday, with investor confidence getting a much needed boost from upbeat U.S. data and lingering hopes China may take steps to stimulate its sagging economy.

 

ICICI Bank rose 1.3 percent while Tata Motors gained 1.5 percent.

(Reporting by Abhishek Vishnoi; Editing by Gopakumar Warrier)