Sensex closes 266 points higher on global cues, auto and metal stocks rally

Equity benchmark indices ended four days of losing streak on Thursday and closed on a positive note amid positive cues from Asian and US equities that got a boost after the US Fed chair's congressional testimony.

The market sentiment was also positive due to upcoming trade talks between the United States and India over tariff issues.

The BSE S & P Sensex closed 266 points higher at 38,823 while the Nifty 50 was up 84 points at 11,583. At the National Stock Exchange, all sectoral indices were in the green.

Nifty media gained 3.9 per cent, auto by 1.9 per cent, metal by 1.8 per cent and PSU bank by 1.7 per cent.

Among stocks, Reliance Infrastructure gained 11 per cent after the company's 16 lenders signed the Inter-Creditor Agreement (ICA).

Zee Entertainment was up 7.6 per cent jump to close at Rs 358 per share after CARE upgraded its credit rating on bank facilities. JSW Steel and Hero MotorCorp each gained nearly 5 per cent.

Bharat Forge up 4.5 per cent on receiving 100 million dollar order from Rafael Advanced Defense Systems of Israel to supply 1,000 Barak-8 MRSAM missile kits for the Indian Army and Air Force.

IndusInd Bank was up 3.6 per cent while Tata Motors gained 3.2 per cent.

However, InterGlobe Aviation (IndiGo) lost over 3 per cent following the spat between the co-promoters over corporate governance issues.

Shares of Cox & Kings tumbled 4.9 per cent after the company defaulted on commercial paper of Rs 125 crore. It was the company's third default in the past fortnight while CARE Ratings revised the company's long-term bank facilities of Rs 1,760 crore to CARE D from CARE C.

The other losers were Tech Mahindra, ICICI Bank, Indian Oil Corporation, UPL and Axis Bank.

Meanwhile, Asian stocks rose after US Federal Reserve Chairman Jerome Powell reinforced prospects of a US interest rate cut later this month citing a slowing global economy and trade issues.

Shares climbed across the region with South Korean and Hong Kong stocks outperforming.

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