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Sensex, Nifty Hit Record Closing Highs

Indian shares hit fresh record highs on Thursday even as IT stocks underperformed despite robust earnings results from Infosys and Wipro.

FMCG, pharma and automakers led advances, driven by positive global cues as investors awaited the details of the stimulus plan to be unveiled by U.S. President-elect Joe Biden later in the day.

The package is expected to include $2,000 in stimulus checks, funding to state and local governments and other emergency spending measures. CNN reported that Biden is mulling huge spending package worth about $2 trillion.

Meanwhile, India's wholesale price-based inflation slowed to a four-month low of 1.22 percent in December due to lowering of food prices, government data showed today.

The benchmark S&P BSE Sensex reversed an early slide to end the session up 91.84 points, or 0.19 percent, at 49,584.16, while the broader NSE Nifty index ended up 30.75 points, or 0.21 percent, at 14,595.60.

IOC, TCS, IndusInd Bank, BPCL and UPL climbed 2-4 percent, while Tech Mahindra, Axis Bank, JSW Steel, Grasim and HCL Technologies dropped 1-2 percent.

Infosys gave up 1.2 percent and Wipro lost 1.3 percent despite both reporting strong revenue growth and a jump in profits for the December quarter, beating street estimates.

SAIL slumped as much as 10.5 percent after the government decided to sell up to 20.65 crore shares or 5 percent of total equity of the company through an Offer for Sale.

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