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Indian shares end higher as energy, auto stocks gain

08/02/2021 | 07:06am EDT
Bombay Stock Exchange building is pictured next to police van in Mumbai

BENGALURU (Reuters) - Indian shares closed higher on Monday, led by energy companies on a pickup in fuel demand, while a recovery in July sales lifted auto stocks after a second wave of COVID-19 cases had dented demand.

The blue-chip NSE Nifty 50 index ended up 0.77% at 15,885.15 and the benchmark S&P BSE Sensex rose 0.69% to 52,950.63.

India's finance ministry reported on Sunday that gross goods and services tax (GST) revenue collected in July was 1.16 trillion rupees, up 33% from a year earlier. (https://bit.ly/2V8718K)

"Sentiment got a boost as GST collection recovered to a three-month high in July, exceeding 1.1 trillion rupees, as economic activity resumed," Gaurav Garg, head of  research, CapitalVia Global Research, said in a note.

Energy stocks rose 1.6% after preliminary sales data showed the country's daily gasoline consumption exceeded pre-pandemic levels in June as states relaxed pandemic-related lockdowns.

Oil marketing companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp rose between 2.3% and 2.8%. Heavyweight Reliance Industries Ltd gained 1.8%.

The Nifty auto index rose 1.3%, led by Maruti Ltd, Tata Motors, Mahindra and Mahindra Ltd, Eicher Motors, and Ashok Leyland - all up between 1.4% and 2.9%.

India's top car maker, Maruti, reported a 50% jump in July sales on Sunday, compared with a year ago, while Jaguar Land Rover-parent Tata Motors posted a 92% surge in total domestic sales.

Bajaj Auto Ltd said on Monday its July sales jumped 44% against a year ago, with exports more than doubling. Eicher Motors posted a 97% jump in exports. [FWN2P706N]

Shares of railway ticketing, catering and tourism services provider IRCTC surged as much as 7.7% to a record high after the state-run company said it would consider a stock split.

In broader markets, European shares picked up in early trading after a recovery in Asian equities, with risk appetite boosted by recent strong earnings and a U.S. infrastructure bill. [MKTS/GLOB]

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASHOK LEYLAND LIMITED 1.46% 139.5 Delayed Quote.43.95%
BAJAJ AUTO LIMITED -2.66% 3763.75 End-of-day quote.10.30%
EICHER MOTORS LIMITED -1.95% 2560.6 End-of-day quote.1.20%
INDIAN OIL CORPORATION LIMITED 1.15% 132.05 Delayed Quote.43.43%
LONDON BRENT OIL -0.20% 85.88 Delayed Quote.65.76%
WTI -0.26% 83.571 Delayed Quote.70.78%
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