BENGALURU (Reuters) - Indian shares hit all-time highs on Monday, led by metals and energy stocks after a rally in commodity prices, while PNB Housing fell 5% after it called off a deal with Carlyle Group.
The NSE Nifty 50 index was up 0.87% at 18,498, while the S&P BSE Sensex rose 0.86% to 61,832 by 0512 GMT.
The Nifty Metals index surged 3.9%, led by a 15% jump in Hindustan Zinc, as global zinc prices spiked on production cuts.
The Nifty Energy index rose 1.9% after crude prices hit their highest in years. [O/R]
“While some commodity prices have cooled down, certain metals like zinc, aluminum and copper are surging. Crude prices have also hit multi-year year highs. For now, producers will likely benefit from this surge,” said AK Prabhakar, head of research at IDBI Capital.
The Nifty Bank index gained 1.1% after India’s largest private-sector lender HDFC Bank rose over 2% to a record high after reporting a 17.6% jump in September-quarter profit over the weekend.
Shares of PNB Housing Finance Ltd fell 5% on Monday to their lowest since early-June after the mortgage lender scrapped a fund-raising deal with a group of investors, led by private-equity firm Carlyle Group.
Real estate developer Indiabulls Real Estate rose as much as 13.4% after it reported a quarterly net profit against a loss last year.
Investors are now looking to updates from industries after state-run Coal India temporarily stopped auctioning coal to non-power customers and reduced contracted supplies, potentially hurting companies in other industries as India battles one of its worst power supply deficits in years.
Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V
Source: Reuters