india trader
Reuters

India's benchmark index Sensex closed at a fresh record high on Wednesday on the back of buying in software makers and lenders.

Sentiment improved after India said it will cut planned additional borrowing for the current fiscal year to 200 billion rupees from 500 billion rupees.

The rupee recovered sharply by 28 paise to hit a high of 63.75 against the U.S. dollar.

The S&P BSE Sensex advanced 0.89 percent to end at a record high of 35,081 while the broader NSE Nifty advanced 0.82 percent to close at an all-time high of 10,788.

Among the top Sensex gainers, Axis Bank rose 5 percent, State Bank of India jumped 3.8 percent, Infosys gained 2.5 percent while ICICI Bank was up 2.7 percent.

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Sun Pharmaceuticals rose 1 percent after the company said it got license to sell the generic version of Linzess in U.S. from 1 February 1, 2031.

Ipca Laboratories Ltd rose 1.5 percent the company said it acquired Pisgah Labs in US for $9.65 million

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Meanwhile, Asian shares scaled back from record highs, hurt by weak crude and commodity prices.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.15 percent from its record high as resource shares declined after oil and other commodities succumbed to profit-taking after recent gains, Reuters reported.

Investors are keeping an eye on China's yuan, which is trading at the strongest level in more than two years. Speculation is going on about possible steps to cool its gains.