Nifty, Sensex hit record highs, all eyes on Burger King debut

Indian shares hit record highs on Monday and were on track for their seventh session of gains in the last eight sessions, with investors focussing on the market debut of Burger King India later in the day.

The blue chip NSE Nifty 50 index rose 0.50% to 13,581.80 and the benchmark S&P BSE Sensex rose 0.47% to 46,319.56 by 0347 GMT. Up to Friday`s close, both indexes have hit record highs in 15 of the last 23 sessions.

Indian shares have posted six straight weeks of gains, boosted by record inflows from foreign institutional investors, 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 U.S. chain Burger King, will debut later during the session on Monday. The initial public offering was more than 150 times oversubscribed, exchange data showed.

The Nifty Auto Index rose 0.43%. Data from an industry body on Friday showed domestic passenger vehicle sales rose nearly 5% in November, boosted by festive demand.

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