Stock Market Updates: Gains in financial, consumer goods and IT shares supported the markets.

Domestic stock markets soared to new all-time peaks on Wednesday, with the S-P BSE Sensex index crossing the 46,000 mark for the first time ever, amid hopes of a fast recovery from the coronavirus-caused economic slowdown.

The Sensex index jumped 555.59 points, or 1.22 per cent, to touch 46,164.10 at the strongest level of the day, and the broader NSE Nifty 50 benchmark climbed to as high as 13,548.90, up 114.25 points, or 0.85 per cent, from its previous close -- both all-time highs.

Gains in financial, consumer goods, IT and energy shares pushed the markets higher.

The Sensex ended 494.99 points, or 1.09 per cent, higher at 46,103.50 and the Nifty settled at 13,529.10, up 136.15 points, or 1.02 per cent, from its previous close — both record closing highs. (Track Sensex, Nifty Here)UPL, Asian Paints, Indian Oil, Kotak Mahindra Bank, HDFC Bank and Infosys, ending between 2.01 per cent and 4.59 per cent higher, were the top precentage gainers in the Nifty basket of 50 shares.

On the other hand, Hindalco, Shree Cement, UltraTech Cement, Wipro and Tata Steel, finishing down 0.86-1.55 per cent each, were the worst hit among 16 laggards in the index.Hopes for COVID-19 vaccine approvals in the second worst pandemic-hit country boosted investor sentiment, a day after the health secretary said the government may approve some coronavirus vaccines over the next few weeks and an estimated 30 crore people would be inoculated in the first tranche. Reliance Industries shares closed 1.65 per cent higher at Rs 2,026.65 apiece on the BSE, a day after chairman Mukesh Ambani said the conglomerate's telecom arm —Reliance Jio Infocomm — will pioneer 5G in the country in the second half of 2021.HDFC Bank, Reliance Industries and Infosys were the biggest boosts for Sensex, together contributing more than 250 points to the gain in the index. (Also Read: Pfizer, ICICI Bank, JSW Steel, Tata Steel In Focus Today) Analysts say the current rally is backed by optimism around COVID-19 vaccines and world economic recovery, but some correction cannot be ruled out in the near term. "The markets are continuing a liquidity-driven rally.

The current euphoria in the markets is simply not stopping...  It is like a train running at a very fast speed, you can slow it down, but not stop it," AK Prabhakar, head of research at IDBI Bank, told TheIndianSubcontinent.India has the world's second-highest coronavirus caseload behind the US, but daily cases have stayed below the 50,000 mark since November 8, despite a busy festival season.Foreign institutional investors (FIIs) continued to be bullish on Indian markets, making net purchases of Rs 2,909.6 crore on Tuesday, data from NSE shows. Record highs in global markets boosted investor sentiment, with MSCI's index of world shares clocking a record high.

Investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus.