Indian shares end at record high on Reliance gains, global boost

FILE PHOTO: A broker reads a newspaper while trading at a brokerage firm in Mumbai May 14, 2014. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) – Indian shares closed at a record high for a third straight session on Monday, boosted by gains in heavyweight Reliance Industries, while global sentiment was lifted by hopes of the U.S. central bank holding interest rates for longer.

The blue-chip NSE Nifty 50 index ended up 0.31% at an all-time high of 17,377.80, while the benchmark S&P BSE Sensex rose 0.29% to 58,296.91, its highest-ever closing level. Both indexes have clocked gains for three consecutive sessions.

A holiday in the United States kept trading volumes low but MSCI’s all-country world index gained 0.2% after a weaker than expected U.S. August jobs report spurred bets that the Federal Reserve would not taper its bond buying program in the near future and would hold interest rates for longer. [MKTS/GLOB]

In India, oil-to-telecoms conglomerate Reliance Industries drove gains, settling 1.5% higher at 2,425.60 rupees after scaling a record peak of 2,477.40 rupees earlier.

The company on Friday had said its unit invested 3.93 billion rupees ($53.80 million) in Strand Life Sciences Pvt Ltd, while local media reported on Monday that it was preparing a $5.7 billion offer to acquire a controlling stake in T-Mobile Netherlands BV.

Among sub-indexes, the Nifty realty sub-index advanced the most, closing up 3.16% boosted by 13.4% surge in real estate firm Prestige Estates Projects.

Technology stocks also advanced, with the Nifty IT index settling 1.5% higher, boosted by a 4.8% jump in Wipro.

Among decliners, bauxite miner Ashapura Minechem closed down 4.4% amid uncertainty around Guinea operations.

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