BENGALURU, Sept 15 (Reuters) - India's Nifty 50 index hit an all-time high on Wednesday, boosted by energy stocks, while automobile and telecom shares climbed on local media reports that the government was considering incentives and financial relief for the sectors.
Auto stocks (.NIFTYAUTO) advanced 0.7% after local media reported that the government would likely consider production-linked incentive scheme for specific segments of the sector in a cabinet meeting on Wednesday.
The incentive, however, would only provide temporary respite, said Siddharth Purohit, a research analyst at SMC Global Securities, as the sector continues to face risks from a global chip shortage and tepid demand.
Debt-laden telecom company Vodafone Idea (VODA.NS) rose about 3% and bigger rival Bharti Airtel (BRTI.NS) gained 1.8% on reports that the cabinet would likely consider financial relief measures for the telecom sector in its meeting on Wednesday.
Telecom companies would benefit from such relief measures in the long term, Purohit said, adding that expectations of a hike in tariffs and a reduction in debt in the future would also help.
In broader Asia, shares fell as weak Chinese economic data sparked worries of slowing growth globally.
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