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nifty: Nifty 50 hits record high as auto, energy stocks jump – Times of India

Nifty 50 index hit an all-time excessive on Wednesday, boosted by vitality shares, whereas vehicle and telecom shares climbed on native media experiences that the federal government was contemplating incentives and monetary aid for the sectors.
The blue-chip NSE Nifty 50 index was up 0.46% at 17,459.05 by 0510 GMT, having hit a document excessive of 17,641.50 earlier. The benchmark S&P BSE Sensex rose 0.47% to 58,579.86.
Power shares added greater than 1%, pushed by Oil and Natural Gas Corp‘s 5.5% leap to a close to two-year excessive. The inventory was additionally the highest gainer on the Nifty 50.
Auto shares superior 0.7% after media reported that the federal government would doubtless think about production-linked incentive scheme for particular segments of the sector in a cupboard assembly on Wednesday.
The motivation, nonetheless, would solely present short-term respite, stated Siddharth Purohit, a analysis analyst at SMC World Securities, because the sector continues to face dangers from a world chip scarcity and tepid demand.
Debt-laden telecom firm Vodafone Idea rose about 3% and greater rival Bharti Airtel gained 1.8% on experiences that the cupboard would doubtless think about monetary aid measures for the telecom sector in its assembly on Wednesday.
Telecom firms would profit from such aid measures in the long run, Purohit stated, including that expectations of a hike in tariffs and a discount in debt sooner or later would additionally assist.
In the meantime, shares of Zee Entertainment Enterprises prolonged their rally to rise as a lot as 15%. On Tuesday the inventory soared 40% forward of a shareholders assembly.
In broader Asia, shares fell as weak Chinese language financial knowledge sparked worries of slowing progress globally.

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