Indian shares rise for third day on auto boost

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BENGALURU, Oct 11 (Businesshala) – Indian shares rose for a third consecutive session on Monday, driven by auto stocks on hopes of surging sales ahead of the festive season, while IT firms at Tata Consultancy Services were dragged down a slide .

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The NSE Nifty 50 index rose 0.45% to hit a record high at 17,974.35, while the S&P BSE Sensex was up 0.34% at 60,256.42 by 0450 GMT.

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“There were no surprises last week, and the absence of negative triggers is supporting the positive moves,” said Anita Gandhi, director of Arihant Capital Markets in Mumbai.

On Friday, Indian stocks registered their best week in a month after the central bank kept key interest rates unchanged as expected and promised adequate liquidity to support the economic recovery.

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Leading gainers on Monday were automakers, adding 2.89%. Gandhi said his order book is expected to be high ahead of the festive season.

Jaguar Land Rover (JLR) parent Tata Motors rallied 8.5%, the highest since January 2018, and topped the Nifty 50 index. After rising 16% in September, the stock is up about 23% this month.

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

Energy stocks rose 6% as Coal India and remained one of the top gainers on Nifty.

Reliance Industries rose 1.82% to a record high after the company said it would buy a 40% stake in Norwegian solar panel maker REC Solar Holdings and India’s Sterling and Wilson Solar.

Sterling & Wilson Solar climbed 17% to its highest level in nearly two years.

The Nifty IT index was the only major sub-index trading lower, led by Tata Consultancy Services falling 6%.

TCS posted quarterly profits on Friday that beat estimates, but analysts pointed to a win in the deal and easing margin pressure in future quarters. (Reporting by Chandini Monappa in Bengaluru; Editing by Ramakrishnan M)

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