Sensex, Nifty touch record highs on banking boost; auto, telcos jump

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Benchmark stock market indices touched fresh record highs on Thursday after gains in banking stocks. Telecom and auto stocks also rose in early trade.

Bombay Stock Exchange

Private banks rose 0.45%, with lender IndusInd Bank jumping 1.6% to be the top gainer on the Nifty 50 index. (Photo: Reuters)

Indian shares hit all-time highs on Thursday, boosted by banking stocks, while auto and telecom companies climbed a day after the federal government approved support packages for both sectors.

The blue-chip NSE Nifty 50 index was up 0.3% at 17,568.2 by 9:34 am, having hit a peak of 17,576.9. The benchmark S&P BSE Sensex rose 0.27% to 58,878.0, after touching a record high of 58,908.18.

Private banks rose 0.45%, with lender IndusInd Bank jumping 1.6% to be the top gainer on the Nifty 50 index.

The S&P BSE Telecom index advanced 2%. The federal cabinet approved on Wednesday a relief package for the cash-strapped sector.

Vodafone Idea soared over 9%, while larger peer Bharti Airtel was up 0.4%.

The government also approved a $3.5 billion incentive scheme for the automobile sector, pushing auto stocks 0.5% higher. Auto parts maker Bosch Ltd rose 1.5% to lead gains in the sector.

In Asia, shares were dragged lower by Chinese equities, a day after the country reported a set of underwhelming economic data.

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