The market indices on Monday climbed to new highs, with gains mostly driven by auto stocks on expectations of a sales surge ahead of the festive season. The NSE Nifty 50 index hit 18,000 for the first time in a record surge, meanwhile, the S&P BSE Sensex was up by 400 points to register a new high of 60,441 during intra-day trade.
"There were no surprises last week, and an absence of negative triggers is supporting positive moves," news agency Reuters quoted Anita Gandhi, director at Arihant Capital Markets in Mumbai, as saying.
The gains on Nifty were led by Jaguar Land Rover (JLR) parent Tata Motors soared as much as 8.5%. It is Tata Motors' highest since January 2018. The stock is up roughly 23% this month, after having gained 16% in September.
On Friday, Indian shares logged their best week in over a month after the central bank kept key interest rates unchanged as expected and promised adequate liquidity to support the economic recovery.
Energy stocks also advanced as Coal India rose 6% to be among the top gainers on the Nifty. Reliance Industries also rose to a record high as it jumped 1.82%. This came as Mukesh Ambani-led company announced that it would buy Norwegian-based solar panel maker REC Solar Holdings and an up to 40% stake in India's Sterling and Wilson Solar.
Sterling and Wilson Solar rallied 17% to its highest level in nearly two years.
{{/usCountry}}Sterling and Wilson Solar rallied 17% to its highest level in nearly two years.
{{/usCountry}}Nifty's IT index was the only major sub-index trading lower as it tumbled more than 4%. The Tata Consultancy Services shares tanked 6% after the company's September quarter earnings missed market expectations.
(With Reuters inputs)