BENGALURU, Sept 16 (Reuters) - Indian shares hovered near
record highs on Thursday, boosted by banks and consumer goods
companies, while auto and telecom stocks jumped after the
federal government approved support packages for both the
The blue-chip NSE Nifty 50 index was up 0.13% at
17,541.85 by 0440 GMT, having earlier hit a peak of 17,576.9.
The benchmark S&P BSE Sensex was 0.15% higher at
58,813.62 after touching a record high of 58,908.18.
The S&P BSE Telecom index advanced 1.2%, with
debt-laden Vodafone Idea soaring over 12% after the
federal cabinet on Wednesday approved a relief package for the
Private banks jumped as much as 1.3% to their
highest in over six months.
IDFC First Bank, Yes Bank and IndusInd
Bank, which have respective exposures to Vodafone Idea
of 3%, 2.4%, and 1.7% of their loan books according to Nomura
climbed between 2.5% and 8.2%.
Consumer goods stocks jumped 1.9% after three
sessions of tepid and downward trade, with ITC Ltd
advancing 7.5% to lead gains on the index.
"ITC seems to have caught the eye of investors given it has
been fairly valued for a while, against its over-brought peers
in the FMCG (fast moving consumer goods) basket," said Likhita
Chepa, a senior research analyst at CapitalVia Global Research.
Auto stocks advanced 0.4%, with auto parts
maker Bosch Ltd rising 6.4%. The government on
Wednesday also approved a $3.5 billion incentive scheme for the
Bucking the broader trend, the metals subindex
fell 0.5%, with Coal India losing over 1% to snap
three straight sessions of gains.
Shares in broader Asia were dragged by Chinese stocks a day
after the country reported a set of underwhelming economic data.
(Reporting by Soumyajit Saha in Bengaluru; editing by