nifty The 50 index rose to an all-time high on Wednesday, led by energy stocks, while automobile and telecom stocks climbed on local media reports that the government was considering stimulus and financial relief for the sectors.
The blue-chip NSE Nifty 50 index was up 0.46% at 17,459.05 by 0510 GMT, having hit a record high of 17,641.50 earlier. The benchmark S&P BSE Sensex rose 0.47% to 58,579.86.
Energy stocks rose more than 1%, driven by oil and natural gas corporationjumped 5.5% to a two-year high. The stock also rose the most on Nifty 50.
Auto stocks rose 0.7% after media reported that the government would consider a production-linked stimulus plan for specific sectors of the sector at a cabinet meeting on Wednesday.
The incentive, however, will provide only temporary relief, said Siddharth Purohit, a research analyst at SMC Global Securities, as the sector continues to face risks from global chip shortages and weak demand.
debt-ridden telecom company Vodafone Idea It rose nearly 3% and bigger rival Bharti Airtel gained 1.8% on reports that the cabinet will consider financial relief measures for the telecom sector in its meeting on Wednesday.
Purohit said telcos would benefit from such relief measures in the long run, supported by tariff hikes and expectations of debt reduction in the future.
Meanwhile, shares of Zee Entertainment Enterprises Extended his rally to 15%. The stock rose 40% on Tuesday ahead of the shareholders’ meeting.
in broad AsiaShares fell on concerns of slowing global growth on weak Chinese economic data.
The blue-chip NSE Nifty 50 index was up 0.46% at 17,459.05 by 0510 GMT, having hit a record high of 17,641.50 earlier. The benchmark S&P BSE Sensex rose 0.47% to 58,579.86.
Energy stocks rose more than 1%, driven by oil and natural gas corporationjumped 5.5% to a two-year high. The stock also rose the most on Nifty 50.
Auto stocks rose 0.7% after media reported that the government would consider a production-linked stimulus plan for specific sectors of the sector at a cabinet meeting on Wednesday.
The incentive, however, will provide only temporary relief, said Siddharth Purohit, a research analyst at SMC Global Securities, as the sector continues to face risks from global chip shortages and weak demand.
debt-ridden telecom company Vodafone Idea It rose nearly 3% and bigger rival Bharti Airtel gained 1.8% on reports that the cabinet will consider financial relief measures for the telecom sector in its meeting on Wednesday.
Purohit said telcos would benefit from such relief measures in the long run, supported by tariff hikes and expectations of debt reduction in the future.
Meanwhile, shares of Zee Entertainment Enterprises Extended his rally to 15%. The stock rose 40% on Tuesday ahead of the shareholders’ meeting.
in broad AsiaShares fell on concerns of slowing global growth on weak Chinese economic data.
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