India's Nifty 50 hits record high as local, global investors pile into stocks

BENGALURU, Sept 11 - India's Nifty 50 hit a lifetime high on Monday on the back of a record-setting rally powered by local investors that saw the benchmark briefly breach the 20,000-point milestone for the first time ever.

The more domestically focused small-caps and mid-caps extended their outperformance over the blue-chips, rising 1.14% and 1.33%, respectively, and hit fresh record highs. Twelve of the 13 major sectoral indexes ended higher. Heavyweight financial stocks led the table with a 0.83% rise, adding to gains from Friday after the Reserve Bank of India said it would discontinue the maintenance of the incremental cash reserve ratio.

Among individual stocks, Adani group stocks gained between 1.3% and 8%, respectively, after promoters raised their stake in Adani Enterprises and Adani Ports and Special Economic Zone . Adani Enterprises and Adani Ports were among the top Nifty 50 gainers.

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