Mumbai, Jan 20 (IANS): The Indian equity indices continued their upward journey for second consecutive day on Wednesday with key indices closing at record highs.

The S&P BSE Sensex closed in on the 50,000-mark, hitting an intra-day high of 49,874 points, just 126 points short.

Market analysts cited positive global cues, healthy quarterly results and slow-but-sustained FII inflows as the factors for indices' rise.

Globally, shares were mostly higher ahead of Joe Biden's inauguration as US President on Wednesday.

On the domestic front, sustained FII inflows and strong corporate earnings kept the sentiments high.

Among sectors, auto, IT, PSU banks and media rose the most while FMCG ended marginally in the negative.

Besides, rise in the shares of index-heavyweight Reliance Industries (RIL) also supported the Sensex. Its shares closed at Rs 2,054.85, higher by Rs 38.55, or 1.91 per cent, from its previous close.

Consequently, Sensex ended at its record closing level of 49,792.12, higher by 393.83 points, or 0.80 per cent, from its previous close of 49,398.29.

The Nifty50 too settled at new closing high of 14,644.70, higher by 123.55 points, or 0.85 per cent, from its previous close.

"Nifty made a new intra day high reflecting the underlying strength in the indices. Its close was the highest ever," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"Volumes after rising post January 4, have come back to normal. Advance decline ratio has improved to much above 1:1. Institutional buying (esp FPI) has gradually slowed however neither the institutions nor the non-institutional participants seem to be in a hurry to take profits even as the budget looms ahead."

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Going ahead, market momentum could continue for few days on the back of positive global cues and good earning season so far."

"However, run-up to the Budget expectations could add some volatility to the market."