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Published on 13/10/2021 4:25:32 PM | Source: Reuters

Indian shares close at record highs as Tata Motors soars on EV plans

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU -Indian shares settled at all-time highs on Wednesday, as Tata Motors soared on plans to boost electric-vehicle investments, with easing domestic inflation and the recommendation of an emergency nod for a COVID-19 vaccine for kids aiding sentiment.

The NSE Nifty 50 index ended up 0.94% at 18,161.75, and the benchmark S&P BSE Sensex closed up 0.75% at 60,737.05. Both the indexes have risen for five straight sessions.

Tata Motors surged nearly 25% to its highest since February 2017 and was the top boost to the Nifty 50. The Jaguar Land Rover parent raised funds from private equity firm TPG and said it would invest over $2 billion in its electric vehicle (EV) business over the next five years.

"Overall, the EV market is very vibrant in India. With Tata's move, the commercial space could get interesting, and we could see other auto firms following suit," said Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services.

Nifty's auto index rose for a fifth session to settle 3.4% higher.

"The economy seems to be responding well, and news around the vaccine for kids is also supporting momentum," Solanki said, referring to India's drug regulator recommending emergency use of Bharat Biotech's Covaxin for the two to 18 age group.

The country's retail inflation eased to a five-month low in September, data on Tuesday showed, amid rising concerns around soaring global energy prices.

All major sub-indexes except Nifty's realty index eked out gains on Wednesday.

The Nifty's IT index snapped two sessions of losses to close up 1.2%. Shares of Infosys Ltd and Wipro Ltd closed up 1.4% and 2.1%, respectively, ahead of reporting their September-quarter results.

Investment banking firm Centrum Capital closed up nearly 13% after the central bank issued a small finance bank license for its unit.

(Reporting by Chandini Monnappa in Bengaluru; editing by Uttaresh.V)

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