Sensex, Nifty hit record high as banks, Reliance gain

FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 28, 2020. REUTERS/Hemanshi Kamani/File Photo

BENGALURU (Reuters) – Indian shares rose to a record high on Thursday, led by finance stocks and market heavyweight Reliance Industries, as upbeat coronavirus vaccine developments fuelled risk appetite globally.

The NSE Nifty 50 index climbed 0.45% to 13,173.15 by 0349 GMT and was on course for a third straight session of gains, while the benchmark S&P BSE Sensex was up 0.39% at 44,792.01.

Boosting sentiment was news that Britain became the first Western country to approve a COVID-19 vaccine, with doses of the Pfizer-BioNTech vaccine available for those at high risk starting next week.

In Mumbai, the Nifty Bank Index climbed nearly 1% after sliding 1.2% in the previous session. Top private-sector lender HDFC Bank Ltd was the biggest boost to the indexes, rising as much as 1.6%.

India’s largest company by market value, Reliance Industries Ltd, rose nearly 1% to its highest in more than a week.

Data released late Wednesday showed India’s trade deficit in November narrowed 21.93% from a year earlier, as imports fell sharply compared to the drop in exports.

Source: Read Full Article