Indian shares closed at a record high on Tuesday, boosted by gains in mortgage lender HDFC and hopes that the countrys emergency approvals of coronavirus vaccines would lead to a quick economic recovery.
The Nifty ended 0.47 higher at 14,199.5, while the benchmark Sensex gained 0.54 to 48,437.78.
Indian shares hit record highs on Friday and Monday to kick off the new year, helped by continued foreign fund inflows and progress on COVID19 vaccines.
The momentum is positive as a lot of money is coming into the emerging markets. The vaccine development is also earlier than anticipated, said Vinod Nair, head of research at Geojit Financial Services.
It is expected that we will be out of this virus issue this year. The economy is likely to open further. We will have a strong earnings growth and also have a lot of liquidity in the market. These expectations are helping the market, Nair said.
On Sunday, the countrys drug regulator gave emergency use approval to two coronavirus vaccines one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.
In Mumbai trading, HDFC Ltd hit a record high, closing 2.8 higher as individual loan business continued to improve during the OctDec quarter, with disbursement growth of 26 from a year earlier.
Gains in HDFC lifted the heavyweight financials sector and boosted Nifty finance subindex up 1.23, while the Nifty Bank Index gained 1.65.
Reliance Industries fell about 1.2 and was the top drag on the…