The benchmark stock market indices concluded the trading session with a positive trend following a robust recovery.
Both the S&P BSE Sensex and the NSE Nifty50 achieved record highs during the afternoon session and closed at fresh peak levels.
At the closing bell, the S&P BSE Sensex surged by 408.86 points to reach 74,085.99, while the NSE Nifty50 settled higher by 123.6 points at 22,479.9.
Although both benchmarks experienced a decline of approximately 0.6 per cent each earlier in the session, they managed to rebound significantly during the final two hours of trade.
Earlier in the week, the Nifty attained an all-time high on Monday, while the Sensex reached a record peak in a special trading session conducted on March 2.
Conversely, small and mid-cap stocks witnessed a downturn, with a decline of 2 per cent and 0.5 per cent, respectively, extending losses into the third and second sessions.
Since the Reuters report highlighting the regulator's request for additional information from the country's asset managers regarding risks in such funds, coupled with the mutual fund industry body AMFI's call for moderation in inflows, small- and mid-cap stocks have lagged behind the benchmarks.
The small-cap index has recorded a decrease of 2.5 per cent so far in March, while mid-caps have registered a gain of 1.08 per cent, both trailing the Nifty 50, which achieved new record highs with a 2.23 per cent increase.
Financials witnessed a rise of 0.63 per cent, while the IT sector rebounded from a 1 per cent decline to conclude 0.77 per cent higher, anticipating key US data and the Federal Reserve Chair's congressional testimony.
Shares of JM Financial experienced a significant decline of over 10 per cent following the Reserve Bank of India's directive prohibiting the company's unit from any form of financing against shares and debentures.
Furthermore, shares of IIFL Finance tumbled by 20 per cent for the second consecutive session subsequent to the RBI's instruction to cease offering gold loans. Conversely, Baja Auto shares surged by 3.43 per cent to close at Rs 8,638.
