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Benchmark Sensex and Nifty recouped from early losses and settled at fresh record high levels in a volatile trade on Wednesday following buying in bank and select IT shares and gains in European markets. The 30-share BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. During the day, it went up 474.14 points or 0.64 per cent to hit an all-time high of 74,151.27.