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Markets

Indian shares hit record highs on Reliance, Maruti boost

  • State-run Canara Bank Ltd surged 7.7% as it launched a qualified institutional placement of shares to raise 20 billion rupees ($270.93 million).
Published December 8, 2020
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BENGALURU: Indian shares climbed to record highs on Tuesday, led by sharp gains in heavyweight Reliance Industries and top automaker Maruti Suzuki, as hopes for a coronavirus vaccine supported risk sentiment.

The NSE Nifty 50 index rose 0.46% to 13,416.8 by 0444 GMT and looked set to extend gains for a sixth day, while the benchmark S&P BSE Sensex was up 0.53% at 45,668.37.

India, the second-worst affected country by the pandemic, is accelerating its review of COVID-19 vaccines developed by Pfizer Inc and AstraZeneca to authorise for emergency use, a senior official said on Monday.

The country reported 26,567 new coronavirus infections, data from the health ministry showed on Tuesday, the lowest daily increase since July 10, according to a Reuters tally.

The main stock indexes have gained nearly 3% so far in December, as of their last close, having hit record highs in 13 of the last 20 sessions.

"Liquidity flow is extremely strong and I don't see that going away anytime soon, given that money being pumped into the economy by the United States and the UK will find its way into the market," said Samrat Dasgupta, CEO at Esquire Capital Investment Advisors.

India's most valuable firm Reliance Industries Ltd jumped 2.9% to its highest since mid-November, while Maruti Suzuki India Ltd climbed 3.5% to a more than two-year high, boosting the Nifty Auto Index by 1.5%.

State-run Canara Bank Ltd surged 7.7% as it launched a qualified institutional placement of shares to raise 20 billion rupees ($270.93 million).

Meanwhile, Asian shares slipped after overnight pressure on Wall Street as investors fretted over the impact of a new round of COVID-19 restrictions in some US states, with the focus fixed on a new stimulus package for the world's largest economy.

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