As Indian stocks hit new highs, metal prices rise, and banks close at new levels
On Monday, Indian shares rose for the seventh consecutive session to a record high, thanks to gains in public sector banks, while metals and energy stocks surged on the back of softer commodity prices.
The NSE Nifty 50 index (.NSEI) finished up 0.76% at 18,477.05, while the S&P BSE Sensex (.BSESN) rose 0.66% to 61,762.86.
As metal prices soared worldwide, the Nifty Metals index (.NIFTYMET) climbed 3.9%, led by gains of more than 10% in National Aluminium Co (NALU.NS), Vedanta (VDAN.NE), Hindustan Copper (HZNC.NR) and Hinduston Zinc (HSZN.N) as the index jumped 3.6%.
After hitting their highest level in years, the Nifty Energy index (.NIFTYENR) soared 1.5%.
The Nifty Bank index (.NSEBANK) gained 0.80%, while the public sector bank indexes ( NIFTYPSU) rose 3.98% for a seventh straight session.
PNB Housing Finance Ltd (PNBH.NS)'s shares fell 5% to their lowest since early June after the mortgage lender abandoned a fund-raising deal with dozens of investors led by private-equity firm Carlyle Group (CG.O). Read more
Indiabulls Real Estate (INRL.NS), a real estate business, has reported eBITDA growth of as much as 13.4% after reporting heaviest quarterly profit compared to yearly loss.
Shares of Tata Power (TTPW.NS) rose as much as 19% after a report last week that the power generation firm was in talks with pension and sovereign fund managers to raise about $500 million, ahead of ttpw.ns' planned IPO.
Investors are now looking for updates from industries after state-run Coal India (COAL.NS) temporarily stopped auctioning coal to non-power customers and reduced contracted supplies, potentially harming firms in other industries as India battles one of its worst power supply deficits in years. read more