Nifty, Sensex at record highs, IT stocks, Maruti lead gains

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.