BENGALURU, Aug 27 (Reuters) - Indian shares closed at a
record high on Friday, as metal and infrastructure stocks rose
ahead of Federal Reserve Chair Jerome Powell's speech due later
in the day.
The blue-chip NSE Nifty 50 index, which hit an
all-time high during the session, closed 0.41% higher at
16,705.20, while the benchmark S&P BSE Sensex ended up
0.31% at 56,124.72 points.
Both indexes are on track to clock their fourth consecutive
monthly gain in a market flush with liquidity, as the country
ramps up its COVID-19 immunization program.
Global shares held steady near record highs as investors
caught their breath ahead of a much-anticipated speech by the
U.S. Fed chief that could give clues about when the central bank
will start tapering its bond-buying programme.
In Mumbai trading, the rate-sensitive Nifty Bank index
ended up 0.03% after falling as much as 0.73%, as the
market hoped for a definite sense of direction from the
long-awaited Fed speech.
The Nifty Metals index recorded its first weekly
gain in three, closing 1.63% higher, helped by strong gains in
Shares of Hindalco Industries Ltd and National
Aluminium Co were up 3.3% and 7.9% respectively, after
China's Xinjiang region imposed output limits on five aluminium
Shares of engineering and construction company Larsen &
Toubro Ltd jumped as much as 4.4% to 1,666.70 rupees
after brokerage Motilal Oswal raised its target price on the
stock to 1,950 rupees.
The Nifty Pharma index snapped its two-day losing
streak to close 1.38% higher.
Budget airline SpiceJet Ltd closed 2.7% higher
after the country's air safety regulator cleared Boeing's
737 MAX aircraft to fly with immediate effect on Thursday.
A deadly attack in Afghanistan on Thursday, which killed
scores of civilians and at least 13 U.S. troops, also weighed on
(Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V
and Vinay Dwivedi)