Mumbai: On first appearance, shares in Power Grid Corp of India (PGCIL) opened 63 percent higher and ascended further on continued buying interest, buoyed up by the power sector’s progression and the company’s shift into telecom and consultancy.

At 12:03 a.m, the state-owned power transmission company’s scrips were trading at Rs 106.80 after opening at 85 rupees, as compared to the issue price of Rs 52.

Two dealers stated that the counter is considering interest from domestic as well as foreign funds desperate to wipe up the shares given the low float.

Both Sensex and Nifty were performing well. After opening sturdily, the BSE Sensex has maintained its positive outlook.

At 12:13 p.m., the BSE Sensex stood at 17,892, up 563 points from its last closure. The NSE Nifty was quoting at 5246, up 178 points.

Indian stock markets has touched new record peaks today, as capitalists grabbed power and realty shares amid a sharp rise in foreign capital inflows over the last few days.

Indian financial markets remained closed on Tuesday because of the birth anniversary of Mahatma Gandhi.

The BSE benchmark index opened strongly at 17,467.41, and touched a record high of 17,729.94 in the opening time. The Sensex continued its positive rally as sustained buying interest was witnessed in the heavyweights; further optimistic worldwide cues chaired the rally. All sectors were trading in positive.

Asian stocks also boosted after Citigroup made an offer to purchase the resting 32% of Nikko Cordial Corp. Many forecasters were of the belief that this may encourage merger & acquisitions. The financial stocks had dipped after the US subprime slide down.