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Indian shares end higher as energy, auto stocks gain

08/02/2021 | 06:33am EDT

BENGALURU, Aug 2 (Reuters) - Indian shares closed higher on Monday, led by energy companies on a pickup in fuel demand, while a recovery in July sales lifted auto stocks after a second wave of COVID-19 cases had dented demand.

The blue-chip NSE Nifty 50 index ended up 0.77% at 15,885.15 and the benchmark S&P BSE Sensex rose 0.69% to 52,950.63.

India's finance ministry reported on Sunday that gross goods and services tax (GST) revenue collected in July was 1.16 trillion rupees, up 33% from a year earlier. (https://bit.ly/2V8718K)

"Sentiment got a boost as GST collection recovered to a three-month high in July, exceeding 1.1 trillion rupees, as economic activity resumed," Gaurav Garg, head of research, CapitalVia Global Research, said in a note.

Energy stocks rose 1.6% after preliminary sales data showed the country's daily gasoline consumption exceeded pre-pandemic levels in June as states relaxed pandemic-related lockdowns.

Oil marketing companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp rose between 2.3% and 2.8%. Heavyweight Reliance Industries Ltd gained 1.8%.

The Nifty auto index rose 1.3%, led by Maruti Ltd, Tata Motors, Mahindra and Mahindra Ltd , Eicher Motors, and Ashok Leyland - all up between 1.4% and 2.9%.

India's top car maker, Maruti, reported a 50% jump in July sales on Sunday, compared with a year ago, while Jaguar Land Rover-parent Tata Motors posted a 92% surge in total domestic sales.

Bajaj Auto Ltd said on Monday its July sales jumped 44% against a year ago, with exports more than doubling. Eicher Motors posted a 97% jump in exports.

Shares of railway ticketing, catering and tourism services provider IRCTC surged as much as 7.7% to a record high after the state-run company said it would consider a stock split.

In broader markets, European shares picked up in early trading after a recovery in Asian equities, with risk appetite boosted by recent strong earnings and a U.S. infrastructure bill. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASHOK LEYLAND LIMITED -1.16% 144.75 Delayed Quote.51.65%
BAJAJ AUTO LIMITED -0.04% 3965.9 End-of-day quote.10.30%
BHARAT PETROLEUM CORPORATION LIMITED 0.14% 459.3 Delayed Quote.20.52%
EICHER MOTORS LIMITED -1.74% 2854.15 End-of-day quote.12.81%
HINDUSTAN PETROLEUM CORPORATION LIMITED 1.70% 331.35 Delayed Quote.52.07%
INDIAN OIL CORPORATION LIMITED 2.40% 134.4 Delayed Quote.47.77%
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED 10.85% 5463.55 Delayed Quote.279.99%
MAHINDRA AND MAHINDRA LTD -0.42% 931.4 Delayed Quote.29.25%
MARUTI SUZUKI INDIA LTD 0.20% 7496.9 Delayed Quote.-2.00%
RELIANCE INDUSTRIES LTD 0.20% 2700.4 Delayed Quote.36.02%
TATA MOTORS LIMITED -1.84% 497.45 End-of-day quote.170.79%
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