Markets recover as auto stocks shine
Mumbai: Benchmark indices marched higher on Friday amid expectations of more measures from the government to prop up the auto sector, while hopes of a trade truce between the US and China buoyed global markets.
The 30-share BSE Sensex ended 337.35 points, or 0.92 per cent, higher at 36,981.77. Similarly, the broader NSE Nifty spurted 98.30 points, or 0.91 per cent, to finish at 10,946.20. During the holiday-truncated week, the Sensex lost 351.02 points or 0.94 per cent, while the Nifty shed 77.05 points or 0.69 per cent.
Amid clamour from the auto industry for a GST rate cut, Minister of State for Finance Anurag Thakur on Friday asked players to take up the matter with state finance ministers who are part of the GST Council, and assured all support from the Centre. All the auto stocks in the Sensex pack ended in the green on Friday.
"Expectation of sops to the falling auto sector lifted market sentiments today, while gain across Asian markets on a hope of ease in trade tension supported the upside. Continuous selling by FIIs remained as a concern, but market may trade positively in the short-term in anticipation of policy actions," said Vinod Nair, Head of Research, Geojit Financial Services.
Sectorally, BSE auto, power, metal, utilities, energy, bankex, consumer durables and finance indices gained up to 2.54 per cent. However, realty and FMCG indices ended in the red. Broader BSE midcap and smallcap indices followed the benchmarks to settle up to 0.79 per cent higher.
Meanwhile, the Indian rupee appreciated 16 paise (intra-day) to trade at 71.68 per US dollar. Global oil benchmark Brent crude was trading flat at $60.94 per barrel (intra-day). (PTI)
Top gainers
Symbol LTP % change
MARUTI 6,199.90 3.87
TECHM 722.25 3.85
TATASTEEL 357.00 3.43
NTPC 127.50 3.28
AXISBANK 670.55 3.23
Top Losers
Symbol LTP % change
IBULHSGFIN 427.50 -4.57
YESBANK 60.75 -1.94
SUNPHARMA 425.00 -1.57
WIPRO 251.75 -1.51
HCLTECH 1,097.05 -1.34