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Indian Shares at Record Highs; IT Stocks, Maruti lead Gains

BENGALURU, Dec 8 (Reuters) - Indian shares inched up to record highs on Tuesday, led by gains in IT stocks and top automaker Maruti Suzuki, as hopes for a coronavirus vaccine supported risk sentiment.

The NSE Nifty 50 index rose 0.23% to 13,386.45 by 0349 GMT and looked set to extend gains for a sixth day, while the benchmark S&P BSE Sensex was up 0.2% at 45,520.01.

India, the second-worst affected country by the pandemic, is accelerating its review of COVID-19 vaccines developed by Pfizer Inc and AstraZeneca to authorise for emergency use, a senior official said on Monday.

Progress in vaccine development across the world has spurred appetite for risky assets in recent weeks. India’s main indexes have gained nearly 3% so far in December, as of their last close, following a sharp rally in the previous month.

IT giant Infosys Ltd climbed 1.3%, while Maruti Suzuki India Ltd jumped 3.5%, boosting the Nifty Auto Index 1.5%.

Meanwhile, Asian shares slipped in early trade after overnight pressure on Wall Street as investors fretted over the impact of a new round of COVID-19 restrictions in some U.S. states, with the focus fixed on a new stimulus package for the world’s largest economy.

(Reporting by Chris Thomas in Bengaluru; Editing by Ramakrishnan M.)

Source: Reuters


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