Stocks

Shares touch record highs on banking boost; auto, telcos jump

Reuters Bengaluru | Updated on September 16, 2021

Nifty near 17,500; Sensex up 150 points

Indian shares hit all-time highs on Thursday, boosted by banking stocks, while auto and telecom companies climbed a day after the federal government approved support packages for both the sectors.

The blue-chip NSE Nifty 50 index was up 0.3 per cent at17,568.2 by 0404 GMT, having hit a peak of 17,576.9. The benchmark S&P BSE Sensex rose 0.27 per cent to 58,878.0, after touching a record high of 58,908.18.

Private banks rose 0.45 per cent, with lender IndusInd Bank jumping 1.6 per cent to be the top gainer on the Nifty 50 index.

The S&P BSE Telecom index advanced 2 per cent. The federal cabinet approved on Wednesday a relief package for the cash-strapped sector.

Vodafone Idea soared over 9 per cent, while larger peer Bharti Airtel was up 0.4 per cent.

The government also approved a $3.5 billion incentive scheme for the automobile sector, pushing auto stocks 0.5 per cent higher. Auto parts maker Bosch Ltd rose 1.5 per cent to lead gains in the sector.

In Asia, shares were dragged lower by Chinese equities, a day after the country reported a set of underwhelming economic data.

Published on September 16, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like