Indian Shares Hit Record High as Banks, Airtel Gain

BENGALURU, Jan 13 Reuters Indian shares rose on Wednesday to a record high as the countrys retail inflation eased, bolstering banking stocks, and Bharti Airtel gained after the telecom operator initiated process to increase foreign investment limit.

Investors also await results from technology heavy weights Infosys Ltd and Wipro Ltd later in the day.

The bluechip NSE Nifty 50 index rose 0.4 to 14,628 and the benchmark SP BSE Sensex was up 0.35 at 49,699.16 by 0441 GMT.

Indias retail inflation eased in December to within the central banks target range, although it is unlikely to cut the policy repo rate soon.

The Nifty bank index gained 0.9, while the public sector banking index rose 2.3.

With some improvement in inflation, it gives room for rate cuts going forward. That gives some amount of comfort for the banking sector, said Anita Gandhi, director at Arihant Capital Markets in Mumbai.

Corporate earnings so far has given confidence to investors, while the liquidity is also supportive with foreign investors continuing to be net buyers, Gandhi said.

Tata Elxsi Ltd shares rose 9.5 after reporting a surge in Decemberquarter profit and revenue.

Infosys shares were up 0.2, while Wipro gained 1. Major peer Tata Consultancy Services posted a strong Decemberquarter profit last week.

Indian stocks have been hitting record highs over the last few days, helped by continued foreign fund inflows and progress on COVID19 vaccines. Foreign investors pumped more than 20…

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