Nifty hits record high on reform hopes

Mumbai: The Nifty rose to a record high for a second straight session on Thursday after cabinet approval for a higher foreign direct investment limit in insurance and a rejig in foreign debt limits reinforced optimism about the government`s reform agenda.

Gains were also underpinned by higher emerging equities which hovered near 17-month highs after a private survey in China showed surprisingly strong manufacturing data, boosting blue-chips such as HDFC Bank .

The Nifty provisionally closed 0.45 percent higher after hitting an all-time high of 7,835.65, surpassing the previous record of 7,809.20 hit on Wednesday.

HDFC Bank provisionally rose 0.8 percent while ITC ended higher 0.75 percent.