BENGALURU, Sept 15 (Reuters) – Broad-based gains propelled Indian shares to record highs on Wednesday, with auto stocks and cash-strapped telecom firms among the best performers after the government approved support packages for the sectors.
Indian equities have outperformed their Asian peers this year on the back of continued monetary policy support and the opening up of the economy from pandemic-induced restrictions.
The market is not likely to see a major correction in the near term and will focus on global events for cues, said Siddharth Purohit, a research analyst at SMC Global Securities.
Investor sentiment on Wednesday got a boost from the federal cabinet’s decision to approve a production-linked incentive scheme for the automobile sector and a much-expected relief package for the embattled telecoms industry.
The S&P BSE Telecom index (.SPBSTLIP) settled up 3.45% to rise for a fourth session. Debt-laden Vodafone Idea (VODA.NS) jumped as much as 7% and larger rival Bharti Airtel (BRTI.NS) ended 4.4% higher.
Public sector banks (.NIFTYPSU) jumped as much as 3% in their best session in nearly two months.
Tech stocks (.NIFTYIT) advanced 1.8%, with HCL Technologies scaling a record peak after signing a deal to expand its partnership with fintech company Finastra.
Reporting by Soumyajit Saha in Bengaluru; Editing by Aditya Soni
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