Feb 2 Reuters India39;s benchmark Nifty 50 index hit an alltime high on Friday, lifted by gains in Reliance and information technology IT stocks, and as the government39;s fiscal prudence in its budget also boosted sentiment.

The NSE Nifty 50 index hit a high of 22,126.80 points, notching its fifth record high for the year.

It was up 0.95 at 21,902.15 as of 105 p.m. IST, while the SP BSE Sensex gained 0.85 to 72,262.91.

Reliance Industries, ICICI Bank and Infosys  three of the five heaviestweighted Nifty stocks jumped between 1 and 2.5.

Twelve of the 13 major sectors logged gains, led by a 3 increase in both energy and oil and gas stocks.

Largecaps like Reliance and HDFC Bank have come to the fore in this leg of the rally, said Saurabh Jain, assistant vice president of research for retail equities at SMC Global.

The allocations could shift further towards the segment from small and midcaps as investors seek safety in an expensive market.

The broader and moredomestically focussed small and midcap subindexes rose 1.4 and 0.91, respectively.

The gains in the midcaps were capped by Paytm 20 for the second day in a row, resulting in 2.1 billion being wiped off its market value in the two days since the central bank ordered its banking arm to stop taking fresh deposits.

The government39;s fiscal prudence in its budget presentation on Thursday also aided market sentiment, analysts said.

The budget won39;t add to inflation, giving room to RBI the central bank to…