Stock Market Updates: Gains across auto, metal and pharma shares supported the markets.Domestic stock markets soared to record highs on Wednesday amid gains across Asian equities on optimism around coronavirus vaccines and hopes of more US fiscal stimulus.

The S-P BSE Sensex index jumped 441.8 points, or 0.95 per cent, to touch an all-time high of 46,704.97 during the session, and the broader NSE Nifty 50 benchmark climbed to a record high of 13,692.35.

Gains across automobile, metal and pharmaceutical shares supported the surge.The Sensex ended 403.29 points, or 0.87 per cent, higher at 46,666.46 and the Nifty added 114.85 points, or 0.85 per cent, to its previous close to settle at 13,682.70 — both record closing highs.Hindalco, Bharti Airtel, HDFC, ONGC and Divi's Laboratories, closing between 2.59 per cent and 2.84 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. On the other hand, ICICI Bank, IndusInd Bank, UltraTech Cement, GAIL and NTPC, finishing down 0.66-1.07 per cent each, were the worst hit among 14 laggards in the index.HDFC, HDFC Bank, Tata Consultancy Services and Infosys were the biggest boosts to Sensex, together contributing more than 250 points to the 30-scrip index.Credit ratings agency Standard - Poor's on Tuesday improved its forecast for India's economy.

It now expects the country's GDP to contract 7.7 per cent in the current financial year, in a revision from 9 per cent estimated earlier.Mahindra and Mahindra shares ended 1.89 per cent higher, a day after the auto maker said it would increase the price of its passenger and commercial vehicle models from January.Shares elsewhere in Asia hovered near record highs, with MSCI's broadest index of Asia Pacific shares outside of Japan trading 0.60 per cent higher at the last count, following two straight days of losses.European share markets started the day on a positive note, with the United Kingdom's FTSE 100 benchmark index trading 1.08 per cent higher at the last count.

France's CAC 40 and Germany's DAX 30 indices were up 0.78 per cent and 1.66 per cent respectively. Optimism over a $1.4-trillion US spending package increased after House of Representatives Speaker Nancy Pelosi invited other top congressional leaders to meet late on Tuesday to hammer out a deal to be enacted this week.Markets will now look to the Federal Reserve for new projections on whether the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom.

The US central bank is to release a statement later in the day, with analysts expecting some guidance on when and how it might change its bond purchases.