Indian shares surge over 1 pct to record closing highs

MUMBAI, July 2 Wed Jul 2, 2014 6:10am EDT

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MUMBAI, July 2 (Reuters) - Indian shares surged more than 1 percent to hit record highs on Wednesday after Finance Minister Arun Jaitley's warning against "mindless populism" raised hopes the government would unveil a fiscally prudent budget next week.

The benchmark BSE index provisionally rose 1.27 percent to 25,841.21 points for a record closing high. Earlier, it surged as much as 1.37 percent to a record high of 25,864.53, surpassing its previous life high of 25,735.87 hit on June 11.

The broader NSE index gained 1.18 percent to close at 7,725.15, its highest level. Earlier in the day, the index hit a record high of 7,732.40, breaching its previous high of 7,700.05, also hit on June 11. (Reporting by Indulal PM; Editing by Prateek Chatterjee)