Indian shares hit record highs as Burger King nearly doubles in market debut

  • Reuters
  • Stock Market News
Indian shares hit record highs as Burger King nearly doubles in market debut
Credit: © Reuters.

By Anuron Kumar Mitra

BENGALURU, Dec 14 (Reuters) - Indian shares pared some gains after hitting record highs in early trade on Monday, with Burger King India BURG.NS soaring almost 100% in its market debut.

By 0451 GMT, the blue chip NSE Nifty 50 index .NSEI was up 0.25% to 13,548.10 and the benchmark S&P BSE Sensex .BSESN was up 0.26% to 46,217.30, after each hitting record highs earlier in the session.

Both indexes were on track to end higher for the seventh out of last eight sessions.

Indian shares have posted six straight weeks of gains, boosted by record inflows from foreign institutional investors (FIIs), progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country.

Burger King India, which runs the franchise of Restaurant Brands International Inc's QSR.TO U.S. chain Burger King, was trading at nearly double its initial public offering price of 60 rupees per share, signaling upbeat sentiment for the country's food service sector. good amount of liquidity has come from FIIs and that has driven the market substantially," said Anita Gandhi, director at Arihant Capital Markets in Mumbai.

Burger King's IPO was also a positive for the fast moving consumer goods market, she added. The Nifty FMCG Index .NIFTYFMCG was up 0.06%.

The Nifty Bank Index .NSEBANK rose 0.63%, while the Nifty Pharma Index .NIPHARM was up 0.33%.

Oil and Natural Gas Corporation ONGC.NS and Coal India COAL.NS were among the top percentage gainers on the Nifty, rising 3.5% and 3.2%, respectively.

Government's statistics ministry on Friday that showed industrial production for the month of October grew 3.6% from a year ago also boosted sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1% as investors cheered progress on coronavirus vaccines and gauged the chance of added U.S. fiscal and monetary stimulus. MKTS/GLOB

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  • F.M. Lakhani @F.M. Lakhani
    Now Indian stock market is near to climax . Last bull run before correction.
    Like 2
  • harshit lalwani @harshit lalwani
    target 250
    Like 0

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