Indian stocks close at record highs on Reliance, TCS boosts

A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India on March 13, 2020. REUTERS / Francis Mascarenhas

BENGALURU, Sept. 2 (Reuters) – Indian stocks closed at record highs on Thursday, boosted by conglomerate Reliance Industries and IT leader Tata Consultancy Services, while automaker Mahindra & Mahindra fell after warning of a shortage of chips could affect production.

The blue chip NSE Nifty 50 Index (.NSEI) closed up 0.92% to 17,234.15 and the benchmark S&P BSE Sensex (.BSESN) climbed 0.90% to 57,852 , 54.

The Indian stock market has outperformed its Asian peers so far this year, with analysts reporting signs of a domestic economic recovery and lingering concerns about tighter regulations in China.

In Mumbai’s trade, Reliance Industries (RELI.NS) and Tata Consultancy Services (TCS.NS) were among the main drivers of the Nifty 50, gaining 1.2% and 3.3% respectively.

The Nifty IT Index (.NIFTYIT) was up 1.67%.

The Nifty FMCG Index (.NIFTYFMCG) rose 1.64%, its seventh consecutive session of gains, as Dabur India Ltd (DABU.NS) and United Breweries Ltd (UBBW.NS) added 2.3% and 1.3%, respectively.

Mahindra and Mahindra (MAHM.NS) closed down 2.3% after the automaker said it expects its auto division’s vehicle production to cut 20% to 25% this month in due to semiconductor shortages. Read more

Indebted telecommunications company Vodafone Idea Ltd (VODA.NS) closed up 17.2%, following a media report that its billionaire promoter Kumar Mangalam Birla met with Indian government officials to discuss the the health of the telecommunications sector.

Shares of Shree Cement Ltd (SHCM.NS) rose 6.5% and were among the best performers on the Nifty Index.

Report by Rama Venkat in Bengaluru; Edited by Ramakrishnan M.

Our Standards: Thomson Reuters Trust Principles.

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