Tata Group stocks were in focus, especially Tata Motors, after the company announced USD 1 billion investment from TPG in the Electric Vehicle division.

PTIPTI
Money STOCK MARKET Wednesday, October 13, 2021 - 18:22

Equity benchmark Sensex soared 453 points to touch a new closing high of 60,737 on Wednesday, October 13, tracking gains in index heavyweights like Reliance Industries, ITC and Infosys amid a positive trend in global markets.

After scaling a record peak of 60,836.63 during the session, the 30-share Sensex settled 452.74 points or 0.75% higher at 60,737.05, taking its winning run to the fifth consecutive day. Similarly, the Nifty rallied 169.80 points or 0.94% to 18,161.75. It touched an intra-day record of 18,197.80.

M&M was the top gainer in the Sensex pack, zooming over 5%, followed by PowerGrid, ITC, L&T, Tech Mahindra, Titan and Tata Steel. On the other hand, Maruti, HUL, Nestle India, Axis Bank and SBI were among the laggards.

"Domestic equities remained steady and witnessed sharp up-move with benchmark Nifty and Sensex recording fresh all-time highs amid mixed cues from global equities," said Binod Modi, Head Strategy at Reliance Securities.

Sustained rebound in financials and Reliance Industries supported broader indices. Moreover, Tata Group stocks were in focus, especially Tata Motors, after the company announced a USD 1 billion investment from TPG Rise Climate in the newly-incorporated subsidiary for passenger electric vehicles (EV). The investments are set to take place in 2022. TPG Rise Climate along with its co-investor ADQ will be investing in the electric vehicle division, valuing the electric vehicle business at a very strong USD 9.1 billion.

Elsewhere in Asia, bourses in Shanghai and Seoul ended with gains, while Tokyo was in the red. When it came to the stock exchanges in Europe, they were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.54% to USD 82.97 per barrel.

 

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