Indian shares end at all-time high as Reliance, TCS gain

BENGALURU: Indian shares closed at a record high on Tuesday as gains in heavyweights Reliance Industries and Tata Consultancy Services helped offset losses in pharmaceuticals and metal sectors.

The NSE Nifty 50 index rose 0.28pc to 13,392.95, gaining for a sixth straight day, while the benchmark S&P BSE Sensex ended up 0.4pc at 45,608.51.

The indexes have risen more than 3pc so far in December, hitting record highs in 13 of the last 20 sessions as markets cheer progress in coronavirus vaccine developments.

The gains also come as India reported its lowest daily increase in coronavirus cases since July 10, according to a Reuters tally.

Reliance, India's biggest company by market value, rose 1.8pc to its highest close since mid-November, providing the largest boost to the indexes.

Jio, the conglomerate's telecom unit that has disrupted the industry, will pioneer 5G in India in the second half of 2021, Chairman Mukesh Ambani said in a speech at the India Mobile Congress, adding that policy steps were needed for the early roll-out of the technology.

India's largest IT firm, Tata Consultancy Services Ltd, also boosted the indexes, climbing 2.2pc to a near two-month high.

State-run Canara Bank Ltd surged 16.7pc after it launched a qualified institutional placement of shares to raise 20 billion rupees ($271.87 million).

Sun Pharmaceutical Industries Ltd slid 2.3pc, dragging the Nifty Pharma Index 1.2pc lower. The Nifty Metal Index fell 1.2pc.

Meanwhile, MSCI's broadest index of Asia-Pacific shares narrowed losses from early trade as Japan announced a new $700 billion stimulus package, but was still down 0.1pc as anxiety over the pandemic capped sentiment.