Dalal Street at record high: Sensex at 77,180.69, Nifty crosses 23,500 for the first time

Energy stocks rose 0.5%, led by a 1.2% gain in ONGC after the government cut windfall tax on petroleum crude to Rs 3,250 per metric ton from Rs 5,200, effective 15 June.

People walk past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019 | Reuters file photo

Bengaluru: Indian shares rose to record highs at the open on Tuesday, led by gains in energy stocks after a cut in windfall tax on crude.

The NSE Nifty 50 was up 0.25% at 23,523.30, while the S&P BSE Sensex added 0.22% to 77,180.69, as of 9:16 a.m. IST.

They rose about 0.4% each at the open to hit all-time high levels.

Energy stocks rose 0.5%, led by a 1.2% gain in ONGC. The government cut the windfall tax on petroleum crude to 3,250 rupees ($38.93) per metric ton from 5,200 rupees, effective June 15.

Information technology company Wipro rose 3% after announcing an extension of its digital transformation partnership with apparel maker Hanesbrands. Wipro was among the top five Nifty 50 gainers.

Public sector enterprises rose 1%, on course to extend its post-election results rally to the ninth session. State-owned lenders rose 0.5%.

Som Distilleries tumbled 11% after Indian police launched an investigation into the company after the government’s child rights agency announced that it found children working at a distillery.

($1 = 83.4775 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng)

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