Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares rise on boost from auto, energy stocks

08/02/2021 | 01:19am EDT

BENGALURU, Aug 2 (Reuters) - Indian shares rose on Monday, led by auto stocks as monthly data showed a recovery in July sales after a second wave of COVID-19 cases had dented demand, while a pick-up in fuel demand lifted energy companies.

By 0452 GMT, the blue-chip NSE Nifty 50 index climbed 0.6% to 15,857 and the benchmark S&P BSE Sensex rose 0.56% to 52,879.31.

"The derivative pressure that was there last week is gone and (corporate) results show that except for banking, growth is maintained and margins are good. That's something the market is liking very much," said AK Prabhakar, head of research at IDBI Capital in Mumbai.

"Maruti (July) sales are good ... Two-wheeler exports have been very good, which needs to be looked at. If the unlocking plays out well, Maruti and export-oriented two-wheeler stocks should really do good," Prabhakar said.

India's top car maker Maruti Ltd reported a 50% jump in July sales on Sunday, compared with a year ago, while Jaguar Land Rover parent Tata Motors Ltd 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 surging 108%. Eicher Motors posted a 97% jump in exports.

The Nifty auto index rose 1%, led by more than 1%-2% gains in Maruti and Tata Motors, Mahindra and Mahindra Ltd , Eicher, and Ashok Leyland

Meanwhile, India's energy index added 0.9% after preliminary sales data showed that the country's daily gasoline consumption exceeded pre-pandemic levels in June as states relaxed COVID-19-related lockdowns.

Oil marketing companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp rose between 1.2% and 1.7%.

In broader markets, Asian shares were trying to stabilize, though Beijing's regulatory crackdown continued to reverberate amid disappointing economic news. (Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASHOK LEYLAND LIMITED -0.86% 127.25 Delayed Quote.34.47%
BAJAJ AUTO LIMITED 0.91% 3813.5 End-of-day quote.10.30%
BHARAT PETROLEUM CORPORATION LIMITED -10.39% 439.05 Delayed Quote.28.56%
EICHER MOTORS LIMITED 0.65% 2860.15 End-of-day quote.13.04%
HINDUSTAN PETROLEUM CORPORATION LIMITED 2.47% 282.5 Delayed Quote.26.53%
INDIAN OIL CORPORATION LIMITED 1.68% 118.35 Delayed Quote.27.98%
MAHINDRA AND MAHINDRA LTD 0.25% 756.95 Delayed Quote.4.79%
MARUTI SUZUKI INDIA LTD 0.32% 6930.95 Delayed Quote.-9.68%
TATA MOTORS LIMITED -0.10% 311.65 End-of-day quote.69.65%
Latest news "Economy & Forex"
05:58pBrazil seeks to halt teen COVID-19 vaccines after one death, some states will continue shots
RE
05:52pUtilities Shares Move Lower -- Utilities Roundup
DJ
05:49pCommunication Services Shares Edge Lower -- Communication Services Roundup
DJ
05:46pTechnology Shares Beat Broader Market to Finish Up Slightly -- Tech Roundup
DJ
05:43pFinancial Shares Slip as Selloff in China Property Stocks Continues -- Financials Roundup
DJ
05:40pConsumer Shares Gain Led by Consumer Discretionary Stocks -- Consumer Roundup
DJ
05:36pHealthcare Shares Slip as Investors Mull Delta Spread -- Healthcare Roundup
DJ
05:35pThe WSJ Dollar Index Rises 0.41% to 87.48 -- Data Talk
DJ
05:35pEuro Lost 0.42% to $1.1766 -- Data Talk
DJ
05:35pSterling Lost 0.38% to $1.3790 -- Data Talk
DJ
Latest news "Economy & Forex"