(RTTNews) – Indian shares hit fresh record highs on Wednesday, a day before the expiration of weekly F&O contracts.
Sentiment was underpinned on the back of improved macroeconomic data and amid reports that a lot of progress has been made on the Life Insurance Corporation (LIC) divestment plan.
The upside was capped as investors awaited the release of U.S. inflation data and the Federal Reserve’s meeting minutes later in the day for clues on the Federal Reserve’s interest-rate tapering outlook.
The benchmark 30-share BSE Sensex jumped 452.74 points, or 0.75 percent, to close at 60,737.05, while the broader NSE Nifty index ended the session up 169.80 points, or 0.94 percent, at 18,161.75.
Tata Motors shares jumped more than 21 percent after U.S. based private equity major TPG Capital said it will invest $1 billion in its electric vehicle subsidiary.
Other Tata group shares also surged after the announcement. Tata Power and Tata Chemicals both soared around 15 percent while Tata Consumer Products rallied 4.4 percent.
Power Grid Corp, ITC and Mahindra & Mahindra climbed 3-5 percent in the Nifty pack, while Hindustan Unilever, Coal India, SBI Life, ONGC and Maruti Suzuki India dropped 1-2 percent.