Metal, auto stocks push up equity indices
Aug 30, 2021
Mumbai (Maharashtra) [India], August 30 : Equity benchmark indices rose by close to one per cent during early hours on Monday with metal and auto stocks showing dramatic gains.
At 10:20 am, the BSE S&P Sensex was up by 512 points or 0.91 per cent at 56,636 while the Nifty 50 rose by 148 points or 0.89 per cent to 16,853.
All sectoral indices were in the green with Nifty metal up by 2.2 per cent, realty by 1.6 per cent, auto by 1.4 per cent and financial services by 0.8 per cent.
Among stocks, Hindalco moved up by 2.9 per cent to Rs 450.65 per share while Tata Steel rose by 2.7 per cent and JSW Steel by 1.8 per cent.
Auto scrips gained with Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Hero Motorcorp accelerating along with Bharti Airtel, Reliance Industries, Bajaj Finance, Bajaj Finserv and Axis Bank. However, Nestle India and Tech Mahindra dipped by half a per cent.
Meanwhile, Asian shares started the week with gains after US Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.
Japan's Nikkei climbed up by 0.4 per cent while Hong Kong shares were higher by 0.35 per cent. South Korea's Kospi rose by 0.32 per cent.
Powell in a speech affirmed US economic recovery and explained why there is no rush to tighten monetary policy. He gave a detailed account of why he regards a spike in inflation as temporary and offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be this year.
