Auto rally powers Nifty above 18,000
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BENGALURU - Indian shares hit fresh peaks on Monday, with the Nifty 50 index crossing the 18,000 mark for the first time as auto stocks rallied on expectations of a sales surge during the upcoming festive season.
The NSE Nifty 50 index ended up 0.28% at 17,945.95, having earlier risen as much as 0.82% to a record high of 18,041.95. The benchmark S&P BSE Sensex firmed 0.13% to 60,135.78.
The market drew support from the central bank's pledge on Friday to maintain adequate liquidity to support economic recovery.
Leading the gains, automakers settled up 2.67%. Jaguar Land Rover (JLR) parent Tata Motors was the biggest gainer on the Nifty 50 index, rising 8.6% to its highest since January 2018. The stock has added roughly 23% this month.
Tata Motors had said https://www.bseindia.com/xml-data/corpfiling/AttachHis/735d6346-fe64-4607-a673-03ff2f700da7.pdf on Friday that JLR's global retail orders were at record levels.
Airline stocks also gained, with the operator of India's largest airline - Interglobe Aviation - advancing 4.4%, while rival SpiceJet added 2.02%.
Energy and utility stocks were also higher, with an 8.3% jump in Tata Power Company driving up Nifty's Energy sub-index 1.08%.
Coal India settled 4.5% higher and was among the top two gainers on the Nifty. On Sunday, the power ministry said the level of coal stocks held by power companies will rise as Coal India is ramping up the supplies.
The Nifty IT index closed down 3.36% and was the only major sub-index in the red. Tata Consultancy Services lost 6.35% and was the top drag on the benchmark index.
TCS on Friday beat market estimates for quarterly profit, but analysts flagged indications of moderating deal wins and margin pressure in future quarters.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Aditya Soni)
