Indian stocks hit record highs in auto stocks, boost from Asia

Indian stocks hit record highs in auto stocks, boost from Asia

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, on November 4, 2020. REUTERS / Francis Mascarenhas

BENGALURU, Aug 30 (Reuters) – Indian stocks rose to record highs on Monday, boosted by stocks in automakers and metals, while Asian pairs surged in Federal Reserve Chairman Jerome Powell’s speech this week. last also helped earnings.

The top-line NSE Nifty 50 Index (.NSEI) was up 0.67% to 16,817.40 as of 0352 GMT and headed for its sixth consecutive session of earnings, while the benchmark S&P BSE Sensex Index (.BSESN) it was up 0.33% to 56,310.40.

Coal India Ltd (COAL.NS) and Tata Motors (TAMO.NS) were among the top performers on the Nifty 50 index, increasing by 2% each.

Wireless operator Bharti Airtel (BRTI.NS) rose as much as 1.8% after saying on Sunday that it plans to raise up to 210 billion rupees ($ 2.86 billion) through a sale of shares to existing shareholders, while building a war chest to prepare for the launch of 5G services. read more

Asian stocks started the week with gains after Powell took a more subdued tone than some investors expected, signaling that the US central bank could begin to reduce its bond buying program by the end of the year. , but did not give a firm schedule.

Meanwhile, India’s GDP data will be released on Tuesday. The country’s economic growth likely hit a record in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending, according to a Reuters poll released last week. read more

($ 1 = 73.5250 Indian rupees)

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Report of Rama Venkat in Bengaluru; edit by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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