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Market Wrap, September 7: Sensex climbs 147 pts as rupee firms; auto, metal stocks surged
Today on Market Wrap: 1. Sensex climbs 147 pts as rupee firms; auto, metal stocks surged 2. RBI steps in to stem rupee fall, may have sold dollars at Rs 72 each 3. Bajaj Auto gains 3% on plans to expand 3 wheeler & quadricycle capacity 4. Sun Pharma erases losses post clarification on USFDA observations
The benchmark indices ended higher on Friday aided by strong gains in automobiles and metal stocks after the rupee firmed against US dollar.
 
The S&P BSE Sensex ended at 38,390, up 147 points while the broader Nifty50 index settled at 11,589, up 52 points.
 
Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors. Nifty Metal index, too, rose 1.9 per cent led by MOIL and Jindal Steel & Power
 
The Reserve Bank of India likely sold dollars via state-run banks at around Rs 72 to the dollar level to prevent the Indian currency from slipping sharply, two dealers said.
 
The Indian rupee was trading at 71.75 to the dollar after briefly falling to 72.04 in early trade. It had touched a record low of 72.11 to the dollar on Thursday before closing at 72.00.

Shares of Bajaj Auto were up by 3% at Rs 2,875 per share on the BSE in an otherwise weak market after the company announced its plan to expand 3 wheelers & quadricycle capacity to 1 million per year as Government announced an end to permits.
 
At the Society of Indian Automobile Manufacturers (SIAM) convention on Thursday, the Minister for Transport, Nitin Gadkari made a historic announcement moving to a "no-permit" regime for auto rickshaws powered by alternative fuels.
 
Over the last 12 months, there has been an upsurge in three-wheeler demands in India, owing mainly to permits released in Maharashtra, Karnataka, AP, and Delhi. Consequently, during the period September 2017 to August 2018 Bajaj Auto has sold 435,000 three wheelers representing a growth of 88% and has strengthened its leadership in this segment.
 
Shares of Sun Pharmaceutical Industries recovered 4.7%, erasing more than half of their early morning losses on the National Stock Exchange (NSE) after the company said it will be submitting its response on the observations of Halol facility to the US drug regulator within 15 business days.
The stock has slipped 5.5% to Rs 640 on reports of the company getting six observations by the United States Food and Drug Administration (USFDA) for Halol unit.

At 03:20 pm; Sun Pharma was trading 2% lower at Rs 663, after hitting high of Rs 670 post announcements.