Indian shares on Thursday were set to log their highest annual gains since 2017 as the Nifty index is set to finish the year 15 per cent higher.
The NSE nifty 50 indexes rose by 0.06 per cent at 13,99195 by 0444 GMT and the S&p BSE Sensex was 0.07 per cent higher at 47,784.31.
Nifty rose for the seventh straight session and is about to hit it's highest of 13,997.85. Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai said, "Foreign inflows are very dull today as it's the year end, but the undercurrent is very strong and the Nifty could cross the 14,000 level."
So far this year the Nifty has gained 14.9 per cent and Sensex has got a 15.74 per cent rise.
Hitting the highest record, both indexes are all set to perform their best since 2017 after plunging to multi-year lows in March due to the coronavirus pandemic.
News of upcoming improvements such as measures from the global central bank and vaccine development has helped the indexes gain their best. For the Nifty IT index, 2013 has been the best year and it has rallied more than 55 per cent so far in 2020.
The Nifty Pharma has been the best performer among the main subindexes that has gained 59 per cent so far in 2020 and raised by 1.27 per cent.
