By Derek Francis
BENGALURU, Nov 11 (Reuters) - Indian shares ended higher for an eighth straight session on Wednesday, hitting record highs driven by drugmaker and metal stocks, even though a dip in Reliance Industries limited gains.
Both indexes have gained over 9% since the start of the month and have recovered nearly 70% from their lowest level this year in March, when India first went into a lockdown to control the spread of coronavirus.
"The pandemic has played the role of a catalyst by bringing cost efficiencies and balance sheet discipline across sectors and companies," said Sachin Shah, a fund manager at Emkay Investment Managers Ltd.
"A slight tailwind in the economic growth and an uptick in aggregate demand will set India Inc for a multi-year earnings growth trajectory."
In the Mumbai market, the Nifty metals index .NIFTYMET climbed 3.5%.
Miner Hindalco HALC.NS rose 7.8% after it posted higher copper sales during the September quarter, despite a fall in quarterly profit. Steel TISC.NS advanced 7.7% after reports that the company will likely finalise the sale of its European business this week and Sweden's SSAB SSABa.ST was the front runner in buying the unit. Dr. Reddy's Labs REDY.NS gained over 4.2%, helping the Nifty Pharma index .NIPHARM rise 3.6%.
Reliance RELI.NS dropped 4.2%. Reuters reported that Amazon.com Inc AMZN.O has accused Future Group, which agreed to sell its retail business to the oil-to-telecoms conglomerate in August, of insider trading as it sought to block the deal. from India's telecom regulator on Tuesday also showed Reliance's telecom arm added fewer customers in August compared to rival Bharti Airtel BRTI.NS . MSCI world equity index .MIWD00000PUS gained 0.1% on Wednesday as news of a potential COVID-19 vaccine offset worries of rising infections. MKTS/GLOB
($1 = 74.3140 Indian rupees)
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