BENGALURU, Sept 14 (Reuters) - India's blue-chip Nifty 50
index hit a record high on Tuesday, boosted by automobile and
banking stocks, while shares of Zee Entertainment surged nearly
25% after top investors at the firm sought the removal of its
chief executive from the board.
The NSE Nifty 50 index was up 0.4% at 17,424.4 by
0458 GMT after touching a peak at 17,438.55. The S&P BSE Sensex
gained 0.39% to 58,407.43.
Data showed on Monday that August retail inflation fell
after food prices softened following an easing in supplies. The
reading stayed within the Reserve Bank of India's 2%-6% comfort
range for a second month in a row.
The market seems to be driven by liquidity, said A K
Prabhakar, head of research at IDBI Capital, adding that
economic data like the inflation print was likely not having a
big impact on investor sentiment
A subindex of auto stocks jumped as much as
0.9% after local media reported https://www.business-standard.com/article/current-affairs/bumper-to-bumper-cover-for-new-vehicles-not-mandatory-madras-hc-121091301286_1.html
that the Madras High Court in Tamil Nadu state said
bumper-to-bumper insurance cover for new vehicles would not be
Auto makers Eicher Motors and Hero MotoCorp
were among the top percentage gainers on the Nifty 50
index, rising about 1.3%-1.6%.
Banking stocks also rose as much as 0.8%,
snapping two straight sessions of losses.
Zee Entertainment Enterprises jumped after its top
shareholders called a special shareholders meet to remove its
Chief Executive Punit Goenka as director.
"In Zee's case, investors seem to be having their say...
there is a move to make changes to the old management and that
is likely being seen to be in shareholder interest," said IDBI
Among market debutants on Tuesday, speciality chemicals
maker AMI Organics soared 52.4%, while healthcare
chain Vijaya Diagnostic Centre advanced 10.6%.
(Reporting by Soumyajit Saha in Bengaluru; editing by