BENGALURU, Nov 29 (Reuters) - Indian stocks logged
record highs yet again on Tuesday, aided by an uptick in
fast-moving consumer goods (FMCG) and metal stocks, tracking
Asian peers that rebounded after China's decision to support
property developers to boost demand.
The S&P BSE Sensex rose 0.46% to 62,792.40,
touching record high levels for the fourth day in a row, as of
1055 IST. The NSE Nifty 50 index gained 0.45% to
18,647.15, hitting a record high for the second straight day.
Both indexes had notched closing highs for the third
straight session on Monday.
Nifty 50 could rise to 20,000 in 12 months, said Yogesh
Nagaonkar of Rowan Capital Services LLP. "Banking and cement
stocks will support the index over the next 12 months."
Nifty FMCG rose the most among sectoral gauges,
adding 1.5%, with 13 of the 15 constituents logging gains. The
Nifty metal index rose over 1%.
Asian markets had earlier shrugged off a weak start on
Tuesday after China lifted its ban on equity refinancing for
listed property firms. The MSCI Asia ex-Japan index
Shares of New Delhi Television rose 5% to hit an
upper circuit after the company's promoter group RRPR Holding
issued shares constituting 99.5% of its share capital to the
Adani Group-owned Vishvapradhan Commercial.
Shares of Paytm-parent One 97 Communications Ltd.
rose nearly 4% after CLSA upgraded the stock to 'buy' from
'sell', citing that the cash burn could likely end in 4-6
($1 = 81.6400 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil, Eileen Soreng, and Janane Venkatraman)