Nifty, Sensex at record high on boost from Reliance, banking stocks

Indian shares hit a record high on Monday as Reliance Industries and financial stocks gained, while investor sentiment remained upbeat globally due to US President Donald Trump approving a $2.3 trillion stimulus package he had been threatening to veto.

The NSE Nifty 50 index was up 0.7% at 13,844.75 by 0347 GMT, while the S&P BSE Sensex was 0.71% higher at 47,307.78. Both indexes hit record highs.

Broader Asian shares rose at the start of the final trading week of 2020 as a source said Donald Trump signed into law a pandemic aid and spending package, averting a partial federal government shutdown in the United States.

In Mumbai, all the main Nifty sub-indexes were up in early trade.

HDFC Bank and Reliance Industries were the top two boosts to the Nifty 50.

The Nifty PSU banking index, which tracks India’s state-owned lenders, rose more than 1% led by a 2% rise in Central Bank of India.

Shares of India’s most valuable company, Reliance Industries, gained 1.1%. Reliance said it would buy out IMG Worldwide LLC from its sports management joint venture for about $7 million.