BENGALURU, Oct 13 (Reuters) - Indian shares settled at
all-time highs on Wednesday, as Tata Motors soared on plans to
boost electric-vehicle investments, with easing domestic
inflation and the recommendation of an emergency nod for a
COVID-19 vaccine for kids aiding sentiment.
The NSE Nifty 50 index ended up 0.94% at 18,161.75,
and the benchmark S&P BSE Sensex closed up 0.75% at
60,737.05. Both the indexes have risen for five straight
Tata Motors surged nearly 25% to its highest since February
2017 and was the top boost to the Nifty 50. The Jaguar Land
Rover parent raised funds from private equity firm TPG and said
it would invest over $2 billion in its electric vehicle (EV)
business over the next five years.
"Overall, the EV market is very vibrant in India. With
Tata's move, the commercial space could get interesting, and we
could see other auto firms following suit," said Narendra
Solanki, head of equity research (fundamental) at Anand Rathi
Nifty's auto index rose for a fifth session to
settle 3.4% higher.
"The economy seems to be responding well, and news around
the vaccine for kids is also supporting momentum," Solanki said,
referring to India's drug regulator recommending emergency use
of Bharat Biotech's Covaxin for the two to 18 age
The country's retail inflation eased to a five-month low in
September, data on Tuesday showed, amid rising concerns around
soaring global energy prices.
All major sub-indexes except Nifty's realty index
eked out gains on Wednesday.
The Nifty's IT index snapped two sessions of
losses to close up 1.2%. Shares of Infosys Ltd and
Wipro Ltd closed up 1.4% and 2.1%, respectively, ahead
of reporting their September-quarter results.
Investment banking firm Centrum Capital closed up
nearly 13% after the central bank issued a small finance bank
license for its unit.
(Reporting by Chandini Monnappa in Bengaluru; editing by