Heavyweights, auto stocks lift Sensex by 274 pts; Nifty above 19,400 ahead of quarterly results
Reliance, Infosys and ITC, ahead of key inflation data from India and the US to be released on Wednesday. A rise in auto and consumer stocks, tracking their Asian and European peers higher on hopes of a China stimulus package also helped the 30-share S&P BSE benchmark Sensex climb 274 points or 0.42% to settle at 65,618. The broader NSE Nifty surged 83 points or 0.43% to end at 19,439.
Eight of the 13 major sectoral indices logged gains, with auto and fast moving consumer goods (FMCG) indices adding over 1.2% each after several brokerages, including HSBC, Citi and Jefferies, reiterated their bullish outlook on earnings growth in the sectors. Among the Sensex stocks, Sun Pharma, Maruti, Tata Motors, ITC, Nestle, Infosys, and L&T closed higher, while Bajaj Finance, Axis Bank, HCL Tech, SBI, HDFC and Bajaj Finserv closed lower. Shares of Mazagon Dock Shipbuilders closed with 10% upper circuit after the Defence Procurement Board cleared the acquisition of three additional Scorpene submarines, extending the current line of boats built at Mazagon Dockyards.CarTrade Tech shares also closed over 14% higher following the announcement on Monday that the company will acquire a 100% stake of Sobek Auto India Private Limited from OLX India BV.
Sector-wise, Nifty Auto rose 1.39%, and Nifty FMCG surged 1.23%. Whereas banks, financial, and metal closed lower. In the broader market, Nifty Midcap100 advanced 0.88%, and Smallcap100 gained 1.26%.
Meanwhile, the market cap of all listed companies on BSE increased by Rs 1.91 lakh crore to Rs 301.32 lakh crore. The market breadth was skewed in favour of the bulls. About 1,938 stocks gained, 1,543 declined, and 120 remained unchanged on the BSE.Expert Take “Following the strong global cues,
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