Benchmark indices at fresh life highs; Nifty crosses 18,000, Sensex touches 60,440

Equity benchmark indices on Monday hit fresh lifetime highs with Nifty breaching 18,000 for first time on the back of gains in Reliance Industries and banking stocks.

The Sensex was up about 400 points to register a new high of 60,441.

"There were no surprises last week, and an absence of negative triggers is supporting positive moves," said Anita Gandhi, director at Arihant Capital Markets in Mumbai.

On Friday, shares logged their best week in over a month after the central bank kept key interest rates unchanged as expected and promised adequate liquidity to support the economic recovery. Leading gains on Monday were automakers, adding 2.89 per cent. Their order books are expected to be higher ahead of the festive season, Gandhi said.

Jaguar Land Rover (JLR) parent Tata Motors soared as much as 8.5 per cent, its highest since January 2018, and was the top gainer on the Nifty 50 index. The stock is up roughly 23 per cent this month, after having gained 16 per cent in September.

The company had said on Friday that JLR's global retail orders were at record levels.

Energy stocks advanced as Coal India rose 6 per cent to be among the top gainers on the Nifty.

Reliance Industries rose 1.82 per cent to a record high after the company said it would buy Norwegian-based solar panel maker REC Solar Holdings and an up to 40 per cent stake in India's Sterling and Wilson Solar.

Sterling and Wilson Solar rallied 17 per cent to its highest level in nearly two years.

The Nifty IT index was the only major sub-index trading lower, led by 6 per cent fall in Tata Consultancy Services .

TCS on Friday posted quarterly profit that beat estimates, but analysts flagged indications of moderating deal wins and margin pressure in future quarters.

(With inputs from Reuters)

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