Mumbai: Indian stocks rose, driving the benchmark index to a 21-month high. Sterlite Industries (India) Ltd led gains by commodity producers after prices of raw materials rose.
Sterlite, the nation's largest copper producer, gained 4.9 per cent after prices of the metal in London, New York and Shanghai reached 16-month highs on Mondday.
Cairn India Ltd., an oil explorer, climbed 3.6 per cent after crude futures in New York Monday reached the highest settlement since October 2008.
Hindalco Industries Ltd., the country's biggest aluminum maker, rose 7.2 per cent while National Aluminium Co. jumped 15 per cent. Both stocks rose to their highest in 19 months after Aluminum Corp of China Ltd increased alumina prices.
"The commodity rally is having a positive impact on metal and oil stocks," said Vaibhav Sanghavi, a director at Ambit Capital Ltd. in Mumbai, who manages funds for wealthy individuals.
Highest level
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 127.51, or 0.7 per cent, to 17,686.24, its highest since February 28, 2008. The S&P CNX Nifty Index on the National Stock Exchange gained 0.9 per cent to 5,277.90. The BSE 200 Index added 1 per cent to 2,221.28.
Sterlite gained 4.9 per cent to Rs917.45. Copper for April delivery on the Shanghai Futures Exchange rose as much as 0.8 per cent. Hindalco rose 7.2 per cent to Rs175.20.
National Aluminium added 15 per cent to Rs505.35. Tata Steel Ltd., India's biggest maker of the alloy, added 2.4 per cent to Rs649.10.
