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Closing Bell: Sensex, Nifty close at record highs; Tata Motors shoots 20%

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Indian share markets closed at record highs Wednesday as both benchmark indices surged nearly 1 percent. The 30-scrip Sensex closed at a record high of 60,737, as it rose 488 points and the Nifty50 index surged 169 points to end at 18,161.

Closing Bell: Sensex, Nifty close at record highs; Tata Motors shoots 20%
The Indian equity benchmark indices scaled record highs during the session Wednesday and closed almost a percent higher led by buying across the sectors.
The 30-scrip Sensex closed at a record high of 60,737, as it rose 488 points and the Nifty50 index surged 169 points to end at 18,161. Both the benchmarks clocked record highs in the session, with Sensex hitting 60,800 for the first time. The broader markets closed mixed as mid-caps surged over 1.5 percent higher but small-caps closed flat.
Among the 50 stocks on Nifty, Tata Motors, Mahindra & Mahindra, Tata Consumer, ITC, and Power Grid lead the gains, as each scrip rose over 3 to 5 percent. Tata Motors surged over 20 percent after fundraising announcement for its electric vehicle business. Leading the losses were Maruti, ONGC, SBI Life, Coal India, and Hindustan Unilever.
Among sectors on NSE, a strong rally was seen in auto, IT, and metal indices. While Nifty Realty is the only sector that closed in the red. IT firms Wipro and Infosys are expected to post their quarterly numbers today.
World stocks steadied around the week's lows with the mood dampened by inflation worries ahead of US consumer price data later on Wednesday, with economic recovery in many countries keeping oil prices near multi-year highs.
The MSCI world equity index was flat after dropping in the previous three sessions. S&P futures fell half a percent after the S&P 500 dropped 0.2 percent overnight on earnings jitters.
European stocks also fell half percent and are nearly 5 percent below their August peak. MSCI's broadest index of Asia-Pacific shares outside Japan clawed back some ground, rising 0.3 percent.
Oil prices lost some froth on the inflation concerns although surging prices for power generation fuel such as coal and natural gas limited losses.
Elsewhere, Brent crude was steady at $83.40 a barrel, off Monday's three-year high of $84.60, and the US crude inched lower to $80.63, off Monday's seven-year high of $82.18. Gold, used as a hedge against inflation, rose 0.3 percent to $1,765 an ounce.
With inputs from Reuters
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