Indian shares close at record highs

Indian shares settled at all-time highs on Wednesday, as Tata Motors soared on plans to boost electric-vehicle investments, with easing domestic inflation and the recommendation of an emergency nod for a COVID-19 vaccine for kids aiding sentiment.

The NSE Nifty 50 index ended up 0.94 per cent at 18,161.75, and the benchmark S&P BSE Sensex closed up 0.75 per cent at 60,737.05. Both the indexes have risen for five straight sessions.

Tata Motors surged nearly 25 per cent to its highest since February 2017 and was the top boost to the Nifty 50. The Jaguar Land Rover parent raised funds from private equity firm TPG and said it would invest over $2 billion in its electric vehicle (EV) business over the next five years.

“Overall, the EV market is very vibrant in India. With Tata’s move, the commercial space could get interesting, and we could see other auto firms following suit,” said Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services.