Indian shares hit record highs on Mahindra and Mahindra boost By Reuters

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BENGALURU, Dec 16 (Reuters) – Indian shares scaled record highs on Wednesday after ending flat in the previous session, powered by gains in automaker Mahindra and Mahindra and optimism over the roll-out of COVID-19 vaccines.

The blue-chip NSE Nifty 50 index rose 0.65% to 13,655.40 by 0348 GMT and the benchmark S&P BSE Sensex firmed 0.68% to 46,577.04. Including Wednesday, both the indexes have now hit record highs in 17 of 25 sessions.

The country’s equities have posted six straight weekly gains, boosted by record inflows from foreign institutional investors, progress on COVID-19 vaccines globally, and signs of a nascent economic recovery in the country.

Ratings agency Standard and Poor’s on Tuesday projected India’s real gross domestic product for the current fiscal year to shrink 7.7%, compared with the 9% contraction it expected earlier. Mahindra and Mahindra rose 2.5% on Wednesday and was the top percentage gainer on the Nifty 50.

The company said on Tuesday it would increase the price of its passenger and commercial vehicle models from January. Asian markets were also higher, with MSCI’s broadest index of Asia Pacific shares outside of Japan rising 0.6%. MKTS/GLOB

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