Indian shares close at record highs

Indian shares ended at record highs on Thursday, boosted by conglomerate Reliance Industries and IT major Tata Consultancy Services, while automaker Mahindra & Mahindra fell after warning a chip shortage could hit production.

The blue-chip NSE Nifty 50 index (.NSEI) closed 0.92 per cent higher at 17,234.15 and the benchmark S&P BSE Sensex (.BSESN) climbed 0.90 per cent to 57,852.54.

India’s stock market has outperformed Asian peers so far this year, as analysts pointed to signs of a domestic economic recovery and concerns linger over tightening regulations in China.

In Mumbai trading, Reliance Industries (RELI.NS) and Tata Consultancy Services (TCS.NS) were among the top boosts to the Nifty 50, gaining 1.2 per cent and 3.3 per cent, respectively.

The Nifty IT index (.NIFTYIT) settled 1.67 per cent higher.

The Nifty FMCG index (.NIFTYFMCG) rose 1.64 per cent, its seventh straight session of gains, as Dabur India Ltd (DABU.NS) and United Breweries Ltd (UBBW.NS) added 2.3 per cent and 1.3 per cent, respectively.

Mahindra and Mahindra (MAHM.NS) closed 2.3 per cent lower after the automaker said it expects vehicle production at its automotive division to reduce by 20 per cent-25 per cent this month due to semiconductor shortages. read more

Debt-laden telecom firm Vodafone Idea Ltd (VODA.NS) closed 17.2 per cent higher.