Indian shares hit new peaks as telcos, auto stocks jump on govt support package

BENGALURU: Broad-based gains propelled Indian shares to record highs on Wednesday, with auto stocks and cash-strapped telecom firms among the best performers after the government approved support packages for the sectors.

The blue-chip NSE Nifty 50 index closed 0.8% higher at 17,519.45 and the benchmark S&P BSE Sensex ended up 0.82% at 58,723.20, both settling at record peaks.

Indian equities have outperformed their Asian peers this year on the back of continued monetary policy support and the opening up of the economy from pandemic-induced restrictions.