Indian shares hit record highs on auto stocks

Indian shares jumped to record highs on Monday, boosted by automaker and metal stocks, while broader Asian peers’ rise on Federal Reserve Chair Jerome Powell’s speech last week also aided gains.

The blue-chip NSE Nifty 50 index (.NSEI) was up 0.67 per cent at 16,817.40 by 0352 GMT and headed for its sixth straight session of gains, while the benchmark S&P BSE Sensex (.BSESN) rose 0.33 per cent to 56,310.40.

Coal India Ltd (COAL.NS) and Tata Motors (TAMO.NS) were among the top performers on the Nifty 50 index, rising 2 per cent each.

Wireless carrier Bharti Airtel (BRTI.NS) rose as much as 1.8 per cent after saying on Sunday it plans to raise up to 210 billion rupees ($2.86 billion) through a sale of shares to existing shareholders, as it builds a war chest to prepare for the launch of 5G services.

Asian shares started the week with gains after Powell struck a more dovish tone than some investors expected, indicating that the U.S. central bank could begin scaling back its bond-buying program by year-end but did not give a firm timeline.

Meanwhile, India’s GDP data is set to be released on Tuesday. The country’s economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending, according to a Reuters poll published last week.