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MARKET WRAP: Sensex up 266 pts as financials, auto stocks rally
n the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels.
Markets snapped selling spree at D-Street on Thursday as possible interest rate cuts by the United States' Federal Reserve lifted sentiments across the Asian markets.
The benchmark S&P BSE Sensex settled 266 points, or 0.69 per cent, higher at 38,823 levels. Hero Moto Corp, IndusInd Bank, Tata Motors, and Vedanta were the top gainers on the 30-share index while Tech Mahindra, ICICI Bank and Axis Bank were the top laggards. The broader Nifty50 too settled 84 points, or 0.73 per cent, higher at 11,583 levels.
Broad-based buying, led by rate-sensitive stocks like realty, banking and auto scrips, lifted both the benchmark indices, S&P BSE Sensex and the broader Nifty50, to 38,892 and 11,599 levels respectively. The indices were up 261 points and 80 points respectively from lows.
In the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels.
Sectorally, all the indices ended in the green. Nifty Auto and PSU Bank indices ended 1.86 per cent and 1.72 per cent higher respectively, followed by gains in the Nifty metal (1.77 per cent), pharma (1.26 per cent) and realty (1.29 per cent) indices.
Shares of Religare Enterprises were locked in the 10 per cent upper circuit at Rs 42.95 per share on the BSE on Thursday after the company announced its plan to sell Religare Finvest to TCG advisory for an undisclosed amount. READ MORE
Shares of GTPL Hathway zoomed 20 per cent to Rs 64.80 in intra-day trade on the BSE on Thursday after the digital cable television and broadband services provider's consolidated net profit more-than-doubled at Rs 29 crore for the quarter ended June 2019 (Q1FY20). It had posted a profit of Rs 13 crore in the year-ago quarter. READ MORE
World stocks rose, global bond yields fell and the dollar weakened after Federal Reserve Chairman Jerome Powell bolstered expectations the Fed would cut U.S. interest rates soon.
Japan's Nikkei ended 0.15 per cent lower while South Korea's Kospi settled 0.33 per cent higher.
In the commodities market, Brent Crude Futures were at $67.47 per barrel at 3:20 pm.