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

Bengaluru, October 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 (.NSEI) was up 0.9% at 18,501, while the S&P BSE Sensex (.BSESN) rose 0.7% to 61,740 by 0401 GMT. Indian markets were closed on Friday for a holiday.

The Nifty metals index (.NIFTYMET) rose 3%, led by a 15% surge in Hindustan Zinc (HZNC.NS) as global zinc prices surged due to production cuts.

The Nifty energy index (.NIFTYENR) rose 1.3% as crude prices hit their highest in years.

The Nifty Bank index (.NSEBANK) gained 1.1% after India’s largest private-sector lender HDFC Bank (HDBK.NS) rose 1% after it reported a 17.6% jump in Sept-quarter profit on Saturday.

PNB Housing Finance Ltd (PNBHF) (PNBH.NS) 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.


Disclaimer :- This story has not been edited by The Sen Times staff and is auto-generated from news agency feeds.
Source: Reuters


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