Auto rally powers Nifty above 18000 - Reuters India

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

BENGALURU, Oct 11 (Reuters) - Indian shares hit fresh peaks on Monday, with the Nifty 50 index crossing the 18,000 mark for the first time as auto stocks rallied on expectations of a sales surge during the upcoming festive season.

The NSE Nifty 50 index (.NSEI) ended up 0.28% at 17,945.95, having earlier risen as much as 0.82% to a record high of 18,041.95. The benchmark S&P BSE Sensex (.BSESN) firmed 0.13% to 60,135.78.

The market drew support from the central bank's pledge on Friday to maintain adequate liquidity to support economic recovery. read more

Leading the gains, automakers (.NIFTYAUTO) settled up 2.67%. Jaguar Land Rover (JLR) parent Tata Motors (TAMO.NS) was the biggest gainer on the Nifty 50 index, rising 8.6% to its highest since January 2018. The stock has added roughly 23% this month.

Tata Motors had said on Friday that JLR's global retail orders were at record levels.

Airline stocks also gained, with the operator of India's largest airline - Interglobe Aviation (INGL.NS) - advancing 4.4%, while rival SpiceJet (SPJT.NS) added 2.02%.

Energy and utility stocks were also higher, with an 8.3% jump in Tata Power Company (TTPW.NS) driving up Nifty's Energy sub-index (.NIFTYENR) 1.08%.

Coal India (COAL.NS) settled 4.5% higher and was among the top two gainers on the Nifty. On Sunday, the power ministry said the level of coal stocks held by power companies will rise as Coal India is ramping up the supplies. read more

The Nifty IT index (.NIFTYIT) closed down 3.36% and was the only major sub-index in the red. Tata Consultancy Services (TCS.NS) lost 6.35% and was the top drag on the benchmark index.

TCS on Friday beat market estimates for quarterly profit, but analysts flagged indications of moderating deal wins and margin pressure in future quarters.

Reporting by Chandini Monnappa in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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