Indian shares ended at record closing highs on Wednesday amid positive global cues on hopes that Covid-19 vaccines and economic stimulus by governments around the world will revive economic growth.
Improving domestic macroeconomic indicators also boosted sentiment, with SBI revising India's GDP growth forecast for FY21 to 7.4 percent in its latest Ecowrap report. That was an upgrade from its earlier forecast of (-) 10.9 percent.
S&P Global Ratings on Tuesday raised India's growth projection for the current fiscal to (-) 7.7 percent from (-) 9 percent estimated earlier, citing rising demand and falling Covid-19 infection rates.
The benchmark S&P BSE Sensex hit a record high of 46,704.97 before paring some gains to end the session up 403.29 points, or 0.87 percent, at 46,666.46.
Similarly, the broader NSE Nifty index hit a record high of 13,692.35 before closing up 114.85 points, or 0.85 percent, at 13,682.70.
ONGC, Divis Laboratories, HDFC, Bharti Airtel and Hindalco all rose around 3 percent in the Nifty pack, while UltraTech Cement, IndusInd Bank and ICICI Bank dropped about 1 percent each.
Automakers ended broadly higher after a Parliamentary panel report recommended a stimulus package focused on the sector to boost demand.
The report also recommended a 10 percent goods and services tax (GST) reduction to offset price increase and stimulate demand.
Tata Motors and Mahindra & Mahindra both rose about 1.9 percent, while Bajaj Auto added 1.1 percent.
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