{"id":119925,"date":"2021-08-16T12:03:08","date_gmt":"2021-08-16T12:03:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=119925"},"modified":"2021-08-16T12:03:08","modified_gmt":"2021-08-16T12:03:08","slug":"indian-shares-close-at-record-high-as-metals-rally-reliance-jumps","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/indian-shares-close-at-record-high-as-metals-rally-reliance-jumps\/","title":{"rendered":"Indian shares close at record high as metals rally, Reliance jumps"},"content":{"rendered":"

BENGALURU (Reuters) – Indian shares extended their record-high closing streak to a third day on Monday, driven by a Tata Steel-led rally in metal stocks, and as Reliance Industries rose after a report said it was in advanced talks to sell stake in the company.<\/p>

FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. REUTERS\/Francis Mascarenhas<\/figcaption>

The blue-chip NSE Nifty 50 index ended up 0.21% at 16,563.05 and the benchmark S&P BSE Sensex rose 0.26% to 55,582.58.<\/p>\n

Shares of Reliance rose 1.3% after Bloomberg News reported Saudi Aramco was in advanced talks to acquire a 20% stake in the Indian conglomerate\u2019s oil refining and chemicals business for about $20 billion to $25 billion in Aramco\u2019s shares.<\/p>\n

The Nifty energy index settled up 0.55% during the session.<\/p>\n

The Nifty Metal index ended 1.5% higher, led by Tata Steel that hit a record high of 1534.5 rupees.<\/p>\n

The steelmaker last week reported a consolidated net profit of 97.68 billion rupees ($1.32 billion) in the June quarter, compared with a loss of 46.48 billion rupees a year earlier. Brokerages also raised their target prices on the company\u2019s expectations for better realisations in both India and Europe.<\/p>\n

Hindustan Zinc, which ended up 3.1%, and Vedanta, which rose 2.4%, were the other top gainers in the sector.<\/p>\n

\u201cMetal has seen a lot of action the past few weeks, and there are a lot of triggers for that, the most important of them being a demand revival across the board, whether it is raw material or real estate,\u201d said Gaurav Garg, head of research at CapitalVia Global Research.<\/p>\n

Global shares slid on Monday after a raft of Chinese economic indicators showed a sharp slowdown in the engine of global growth<\/p>\n

($1 = 74.2660 Indian rupees)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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