Auto rally powers Nifty above 18,000

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BENGALURU, Oct 11 (Businesshala) – Indian stocks hit fresh peaks on Monday, with the Nifty 50 index crossing the 18,000-mark for the first time, as auto stocks rallied on hopes of boosting sales during the upcoming festive season.

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The NSE Nifty 50 index closed 0.28% higher at 17,945.95, having risen 0.82% earlier to hit a record high of 18,041.95. The benchmark S&P BSE Sensex rose 0.13% to 60,135.78.

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Markets on Friday backed the central bank’s pledge to maintain sufficient liquidity to support the economic recovery.

Leading in profit, the automaker settled up 2.67%. Jaguar Land Rover’s (JLR) parent Tata Motors was the biggest gainer on the Nifty 50 index, rising 8.6% to its highest level since January 2018. The stock is up about 23% this month.

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Tata Motors said Here JLR’s global retail orders were at a record high on Friday.

Airline shares also rose 4.4%, with the operator of India’s largest airline – InterGlobe Aviation – adding 2.02%, while rival SpiceJet added 2.02%.

Energy and utility stocks were also higher, with the Nifty’s energy sub-index rising 1.08%, with Tata Power Company jumping 8.3%.

Coal India closed with a gain of 4.5 per cent and was among the top two gainers on the Nifty. On Sunday, the power ministry said the level of coal reserves with power companies will increase as Coal India is ramping up supplies.

The Nifty IT index closed down 3.36% and was the only major sub-index in the red. Tata Consultancy Services fell 6.35% and was the top loser on the benchmark index.

TCS on Friday surpassed market estimates for quarterly profit, but analysts pointed to a win in the deals and easing of margin pressure in future quarters.

Reporting by Chandini Monappa in Bengaluru; Editing Aditya Soni

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