Sensex closes at record high, pharma stocks rally on earnings optimism

The BSE Sensex rose 0.4 percent to a record closing high on Wednesday, gaining for a third consecutive session as drug makers such as Sun Pharmaceutical rallied on optimism about their quarterly earnings.

Gains among drug makers helped offset a fall in some banking shares after a central bank panel recommended making taming high retail inflation a priority for monetary policy, raising the prospect of a sustained period of high interest rates.

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Sun Pharmaceutical Industries rose 3 percent, but State Bank of India fell 0.8 percent.

The Sensex provisionally gained 0.41 percent to 21,337.67 points, surpassing its previous record close of 21,326.42 hit on December 9. The index remains below its all-time high of 21,483.74 points hit on that day.

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The Nifty provisionally ended up 0.4 percent.

Reuters