Sensex closes 400 points higher, Nifty above 16,600 as Bajaj Finserv soars

Benchmark stock market indices S&P BSE Sensex and NSE Nifty 50 ended Tuesday's trading session on a strong note, led by a surge in Bajaj Finserv.

Indian shares hit record closing highs on Tuesday, led by a surge in Bajaj Finserv after the market regulator allowed the shadow bank to set up a mutual fund, while metal stocks bounced back after a four-day losing streak. The blue-chip NSE Nifty 50 index ended up 0.78% at 16,624.60, and the benchmark S&P BSE Sensex ended 0.73% higher at 55,958.98.