Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares perched at record highs on banking, consumer good boost

09/16/2021 | 01:33am EDT

BENGALURU, Sept 16 (Reuters) - Indian shares hovered near record highs on Thursday, boosted by banks and consumer goods companies, while auto and telecom stocks jumped after the federal government approved support packages for both the sectors.

The blue-chip NSE Nifty 50 index was up 0.13% at 17,541.85 by 0440 GMT, having earlier hit a peak of 17,576.9. The benchmark S&P BSE Sensex was 0.15% higher at 58,813.62 after touching a record high of 58,908.18.

The S&P BSE Telecom index advanced 1.2%, with debt-laden Vodafone Idea soaring over 12% after the federal cabinet on Wednesday approved a relief package for the cash-strapped sector.

Private banks jumped as much as 1.3% to their highest in over six months.

IDFC First Bank, Yes Bank and IndusInd Bank, which have respective exposures to Vodafone Idea of 3%, 2.4%, and 1.7% of their loan books — according to Nomura — climbed between 2.5% and 8.2%.

Consumer goods stocks jumped 1.9% after three sessions of tepid and downward trade, with ITC Ltd advancing 7.5% to lead gains on the index.

"ITC seems to have caught the eye of investors given it has been fairly valued for a while, against its over-brought peers in the FMCG (fast moving consumer goods) basket," said Likhita Chepa, a senior research analyst at CapitalVia Global Research.

Auto stocks advanced 0.4%, with auto parts maker Bosch Ltd rising 6.4%. The government on Wednesday also approved a $3.5 billion incentive scheme for the automobile sector.

Bucking the broader trend, the metals subindex fell 0.5%, with Coal India losing over 1% to snap three straight sessions of gains.

Shares in broader Asia were dragged by Chinese stocks a day after the country reported a set of underwhelming economic data. (Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL LIMITED 0.08% 681 End-of-day quote.33.71%
BOSCH LIMITED -2.15% 17278.75 End-of-day quote.35.11%
COAL INDIA LIMITED -0.43% 184.5 Delayed Quote.36.80%
IDFC FIRST BANK LIMITED -4.81% 48.5 End-of-day quote.30.90%
INDUSIND BANK LIMITED -2.14% 1194.45 End-of-day quote.33.47%
ITC LIMITED -6.32% 245.95 Delayed Quote.25.62%
VODAFONE IDEA LIMITED -5.66% 10 Delayed Quote.-0.47%
YES BANK LIMITED -2.51% 13.6 End-of-day quote.-13.45%
Latest news "Economy & Forex"
02:35pRegulator charges Cenovus subsidiary over 2018 Canada oil spill
RE
02:34pSec says credit suisse to pay nearly $475 mln to u.s. and u.k authorities to resolve charges in connection with mozambican bond offerings
RE
02:23pAnalysis-As oil prices skyrocket, fund managers hop on board for the ride
RE
02:23pGeneral electric says all u.s. employees will be fully vaccinated or receive a medical or religious accommodation by dec 8 as required in executive order
RE
02:23pGE mandates COVID-19 vaccines for U.S. workers
RE
02:23pGeneral electric says the company is complying with u.s. executive order which requires employees of federal contractors to be fully vaccinated against covid-19
RE
02:18pRussia's Gazprom sees record sales in 2021, sets up risk fund
RE
02:16pUnion Pacific, unions sue each other over COVID-19 vaccine mandate
RE
02:05pForeign U.S. Treasury holdings rose in August but at slower pace
RE
02:04pYellen says Democrats raise proposed IRS bank reporting threshold to $10,000
RE
Latest news "Economy & Forex"