India

Indian stocks rise as higher commodity prices drive metals, energy stocks

1 minute read

A woman walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas/File Photo

Register now for FREE unlimited access to reuters.com

BENGALURU, Oct 18 (Reuters) - Indian shares hit record highs on Monday as metals and energy stocks jumped on a rally in commodity prices, while PNB Housing fell 5% after the company called off a deal with Carlyle Group.

The NSE Nifty 50 index (.NSEI) was up 0.9% at 18,501, while the S&P BSE Sensex (.BSESN) rose 0.7% to 61,740 by 0401 GMT. Indian markets were closed on Friday for a holiday.

The Nifty metals index (.NIFTYMET) rose 3%, led by a 15% surge in Hindustan Zinc (HZNC.NS) as global zinc prices surged due to production cuts.

Register now for FREE unlimited access to reuters.com

The Nifty energy index (.NIFTYENR) rose 1.3% as crude prices hit their highest in years.

The Nifty Bank index (.NSEBANK) gained 1.1% after India's largest private-sector lender HDFC Bank (HDBK.NS) rose 1% after it reported a 17.6% jump in Sept-quarter profit on Saturday.

PNB Housing Finance Ltd (PNBHF) (PNBH.NS) fell 5% after the company said last week it was scrapping a fund raising deal with a set of investors led by private equity firm Carlyle Group Inc.

Register now for FREE unlimited access to reuters.com
Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters