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BENGALURU, Sept 24 (Reuters) - Indian shares reached new record highs for the fourth consecutive session on Tuesday, driven by last week's U.S. interest rate cut and supported by gains in domestic commodities-linked firms after China announced new stimulus measures.
The benchmark Nifty 50 (.NSEI), opens new tab and S&P BSE Sensex (.BSESN), opens new tab hit record highs at 25,956.45 points and 84,983.77, respectively, rising 0.1% each as of 10:36 a.m. IST.
The indexes, which opened briefly lower, have scaled all-time peaks everyday since the Fed cut rates by 50 basis points on Sept. 18.
Six of the 13 major sectors logged gains, with Nifty metal (.NIFTYMET), opens new tab and Nifty energy (.NIFTYENR), opens new tab emerging as the top percentage gainers, rising 2.3% and 0.8%, respectively.
China's top financial regulators rolled-out a slew of measures, saying it would cut bank reserves by 50 basis points while reducing mortgage rates to try to spur sluggish economic growth.
A slow Chinese economy results in dumping of metals and other commodity products in global markets, making any stimulus from China favorable for commodity product companies said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.
Meanwhile, information technology (.NIFTYIT), opens new tab and consumer goods (.NIFTYFMCG), opens new tab stocks dropped 0.6% and 0.3%, respectively, and were the top losers among sub-indexes.
Among individual stocks, Reliance Power (RPOL.NS), opens new tab surged an exchange-allowed maximum of 5% as it plans to raise up to 15.25 billion rupees in a bid to reduce debt and expand business.
AstraZeneca Pharma India (ASTR.NS), opens new tab jumped about 11% after India government gave a nod to import Durvalumab drug, used in treatment of liver and gall bladder cancers.
($1 = 83.5300 Indian rupees)
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Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee
Our Standards: The Thomson Reuters Trust Principles., opens new tab
