Indian shares hit record closing highs as Bajaj Finserv soars

Optiemus Infracom

24/08/2021 11:33

BENGALURU, Aug 24 (Reuters) - Indian shares hit record
closing highs on Tuesday, led by a surge in Bajaj Finserv
 BJFS.NS  after the market regulator allowed the shadow bank to
set up a mutual fund, while metal stocks bounced back after a
four-day losing streak.  
    The blue-chip NSE Nifty 50 index  .NSEI  ended up 0.78% at
16,624.60, and the benchmark S&P BSE Sensex  .BSESN  ended 0.73%
higher at 55,958.98. 
    Shares of Bajaj Finserv  BJFS.NS  jumped as much as 8.6% to
hit a record high before ending up 7.7%. Shares of peer Bajaj
Finance  BJFN.NS  also ended higher, at 3.38%.     
    The Nifty Bank index  .NSEBANK  advanced 1.67%, driven by a
2.3% gain in HDFC Bank  HDBK.NS . The financial services index
 .NIFTYFIN  rose 1.39%. The Nifty metals index  .NIFTYMET  ended
the session up 2.9%.
   India's Nifty Smallcap 100 and Nifty Midcap 100 ended the day
2% and 1.43% higher. 
    Among other stocks, shares of India's Optiemus Electronics
 OPTI.NS  rose 4.9% after it partnered with Taiwan's Wistron
Corp  3231.TW  to build smartphones and laptops. The partnership
is expected to yield revenues of 380 billion rupees ($5.13
billion) over five years for Optiemus, the company said.
    Shares of ABB India  ABB.NS  ended 1.31% higher after the
company said it had expanded manufacturing capacity for low
voltage motors by 20% at its Faridabad facility, which is
powered by renewable energy.
    Global equities, bond yields and oil rose on Tuesday as a
bounce in China's tech sector, positive U.S. vaccination news
and easing worries about the U.S. tapering stimulus lifted
sentiment ahead of a speech later this week by Fed Chair Jerome
Powell.  MKTS/GLOB 

 (Reporting by Vishwadha Chander in Bengaluru; Editing by
Shailesh Kuber)
 ((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802;
Twitter: https://twitter.com/vishwadha;))