Markets end higher led by autos
Auto, Tata group stocks in green
Key benchmark indices closed over 1% on the last trading day of the week on the back of broad based buying led by autos, metals and consumer durables, amid firm global markets. The Sensex advanced 175 to close at 18,754 and the Nifty added 48 points to end at 5,697.
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(Updated at 14:27 hrs)
Markets continued to move in the green, holding on to gains. The Sensex added 217 points at 18,796. Nifty was up 61 points at 5,710.
The rupee rose to a near five-month high on Friday after the government stuck to its fiscal second half borrowing and said it will not borrow more via bonds in the current year.The rupee rose to a high of 52.55, a level not seen since May 1. It was trading at 52.70/71 in recent trades versus 53.01/02 last close.
Asian shares rose on Friday as Spain's economic reform plan eased worries about euro zone's finances, while the strength in oil prices also lent support. All Asian indices except for Nikkei was trading with gains. Shanghai Composite, Hang Seng and Taiwan Weighted advanced 0.5-1.5% each.
BSE Auto index has jumped 2% at 10416. Metal, power, FMCG, oil & gas and realty indices are up 1-2% each.
Tata Group shares are leading gains with Tata Motors, Tata Steel, Tata Power and TCS surging 2-4% each. The group's holding company Tata Sons has invested 220 crore in Infiniti on Wednesday, which will enable the company to buy out Woolworths Wholesale and expand the Croma business. TCS has also launched Firebird Plus, a new rapid implementation offering for Oracle Fusion Human Capital Management (HCM).
Auto shares were up on hopes that sales growth would pick in October ahead of the festive season. Maruti has gained 2% at 1,353. M&M is up 1.5% followed by Bajaj Auto and Hero Motocorp.
Reliance and ITC are the key movers - accounting for a 55 points gain on the Sensex. Bharti Airtel gained 0.5% to 262 after the company announced restructuring of its board of directors and that of its subsidiary Bharti Infratel.
BSE market breadth was positive. Out of 2,913 shares traded, 1,595 shares advanced while 1,166 shares delcined in trades.