Sensex closes 266 pts higher; auto stocks rally
Mumbai: Equity benchmark BSE Sensex rose 266 points Thursday, led by metal, auto and financial stocks amid positive global market sentiment after US Federal Reserve Chairman Jerome Powell hinted at a rate cut later this month.
After rising as much as 335 points during the day, the 30-share index settled 266.07 points or 0.69 percent higher at 38,823.11. The index hit an intra-day high of 38,892.50 and a low of 38,631.31.
Similarly, the broader NSE Nifty ended 84 points, or 0.73 percent, higher at 11,582.90. During the day, it touched a high of 11,599 and a low of 11,519.50.
Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 percent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel and HDFC twins too rose up to 3.63 percent.
On the other hand, Tech Mahindra, Yes Bank, TCS, L&T, Axis Bank and NTPC fell up to 1.27 percent.
"Indian markets opened positively for the first time post-budget, taking cues from Asian markets which ended with handsome gains after US Fed signaled at interest rate cut soon in the face of some weakening economic data," said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.
In his congressional testimony on Wednesday, Powell confirmed that the US economy was still under threat of a slowdown and that the Fed was ready to "act as appropriate" to boost growth.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei, and Kospi ended in the green.
Equities in Europe were also trading higher in early deals.
On the currency front, the Indian rupee appreciated 14 paise to 68.43 against the US dollar (intra-day).
The global oil benchmark Brent crude futures rose 0.61 percent to USD 67.42 per barrel.
