Auto stocks drive Sensex 68 pts up at 1-wk high; GDP data eyed

In choppy trade, the BSE benchmark Sensex today shrugged off initial losses to end 68 points up at over 1-week high on smart rise in auto scrips like Tata Motors and M&M, ahead of much-awaited March quarter GDP data.
Market saw volatility due to alternate bouts of buying and selling amid May derivatives series expiry, said traders.
The BSE 30-share barometer resumed weak in line with sluggish Asian indices following a fall on Wall Street yesterday. However, buying in last half an hour of trade saw Sensex rising to close at 20,215.40, a gain of 67.76 points or 0.34 per cent. This is the highest close since 20,223.98 on May 20. Yesterday, Sensex rose 13 points.

Sectorally, the auto sector index gained the most by 2.29 per cent to 11,369.08 as Mahindra and Mahindra and Tata Motors surged on better quarterly earnings. FMCG sector was second best performer rising 1.88 per cent to 6,925.17 as ITC shot up by 3.15 per cent to Rs 324.25 on hopes of good monsoon.
All eyes are on fourth quarter GDP data release tomorrow even as growth is expected to be around 4.8-5 per cent, said experts. Positive trend in European markets also influenced the domestic markets, they added.
The 50-issue CNX Nifty of the NSE rose by 19.75 points, or 0.32 per cent, at 6124.05. MCX-SX flagship index, SX40 today ended 42.72 points or 0.36 per cent higher at 11990.89.

"While broader markets moved in a narrow band, movement in the stocks was determined by their quarterly numbers," said Nagji K Rita, CMD, Inventure Growth & Securities.

The market was also supported by gains in HDFC, HDFC Bank, NTPC, Sun Pharma, Bharti Airtel, BHEL and TCS. Fall in Cipla, Hero MotoCorp, ICICI Bank and Infosys capped the gains.
Giving a perspective on F&O expiry, Sahaj Agrawal, Deputy Vice President - Derivatives Research, Kotak Securities said: Nifty gained nearly 3 percent on expiry basis. Banking space broadly consolidated with a positive bias."
Asian stocks closed lower today with sharp fall of 5.15 per cent in Japan's Nikkei on heavy selling amid concerns over the fall in dollar against the yen. Other Asian indices closed down in 0.05-1.13 per cent range.