Indian stocks rise as higher commodity prices drive metals, energy stocks

  • 10/18/2021
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BENGALURU, Oct 18 (Reuters) - Indian shares hit record highs on Monday as metals and energy stocks jumped on a rally in commodity prices, while PNB Housing fell 5% after the company called off a deal with Carlyle Group. The NSE Nifty 50 index was up 0.9% at 18,501, while the S&P BSE Sensex rose 0.7% to 61,740 by 0401 GMT. Indian markets were closed on Friday for a holiday. The Nifty metals index rose 3%, led by a 15% surge in Hindustan Zinc as global zinc prices surged due to production cuts. The Nifty energy index rose 1.3% as crude prices hit their highest in years. The Nifty Bank index gained 1.1% after India’s largest private-sector lender HDFC Bank rose 1% after it reported a 17.6% jump in Sept-quarter profit on Saturday. PNB Housing Finance Ltd (PNBHF) fell 5% after the company said last week it was scrapping a fund raising deal with a set of investors led by private equity firm Carlyle Group Inc. Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V Our Standards: The Thomson Reuters Trust Principles.

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