Nifty hits record closing high, Sensex slips

MUMBAI: India’s Nity 50 notched a record closing high on Wednesday, buoyed by hopes for a COVID-19 vaccine and an eventual economic recovery, even though losses in financial stocks amid a top court hearing on loans under moratorium kept gains in check.

The NSE Nity 50 index ended 4.70 points or 0.04% higher at 13,113.75, while the benchmark S&P BSE Sensex was down 37.40 points or 0.08% at 44,618.04. Both indexes had gained more than 1% on Tuesday, ater a sharp rally in November on record inflows from foreign institutional investors.

Progress in a vaccine and hopes for additional US economic stimulus also kept global stocks near record highs on Wednesday. Britain became the first country in the world to approve the PfizerBiontech COVID-19 vaccine for use, saying it would start rolling it out early next week.

In Mumbai, a 3.8% jump in paint manufacturer Asian Paints Ltd to record highs, and gains in automakers and IT heavyweights helped the Nity close in the black.

But losses in top private-sector lender HDFC Bank Ltd and Kotak Mahindra Bank Ltd of 1.8% and 3.3%, respectively, limited gains in the Nity and dragged the Sensex, as investors awaited clarity from the Supreme Court on a case on waiving interest on loans under moratorium.

The Nity Banking Index, which surged nearly 24% in November, closed 1.2% lower.

A 8.1 billion rupee ($109.81 million) initial public offering by the Indian arm of fast food restaurant chain Burger King was over-subscribed on the first day of bidding, exchange data showed.