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Sensex jumps 337 pts as finance, IT, auto stocks shine; logs weekly loss

twitter-logo PTI        Last Updated: September 6, 2019  | 17:31 IST

Mumbai, Sep 6 (PTI) Benchmark indices marched higher on Friday amid expectations of more measures from the government to prop up the auto sector, while hopes of a trade truce between the US and China buoyed global markets. The 30-share BSE Sensex ended 337.35 points, or 0.92 per cent, higher at 36,981.77. Similarly, the broader NSE Nifty spurted 98.30 points, or 0.91 per cent, to finish at 10,946.20. During the holiday-truncated week, the Sensex lost 351.02 points or 0.94 per cent, while the Nifty shed 77.05 points or 0.69 per cent. Amid clamour from the auto industry for a GST rate cut, Minister of State for Finance Anurag Thakur on Friday asked players to also take up the matter with state finance ministers who are part of the GST Council, and assured all support from the Centre. Road Transport Minister Nitin Gadkari has also assured the crisis-hit automobile sector of all possible support from the government, including taking up the demand of GST reduction with Finance Minister Nirmala Sitharaman. All the auto stocks in the Sensex pack ended in the green on Friday, led by Maruti Suzuki (3.61 per cent), Bajaj Auto (2.90 per cent), Tata Motors (2.58 per cent), Mahindra and Mahindra (2.34 per cent) and Hero MotoCorp (2.14 per cent). Other gainers included Tech Mahindra, NTPC, Axis Bank, Tata Steel, Bajaj Finance and Kotak Bank, which rose up to 3.77 per cent On the other hand, Yes Bank, Sun Pharma, TCS, HCL Tech, HUL and ITC declined up to 2.42 per cent. "Expectation of sops to the falling auto sector lifted market sentiments today, while gain across Asian markets on a hope of ease in trade tension supported the upside. Continuous selling by FIIs remained as a concern, but market may trade positively in the short-term in anticipation of policy actions," said Vinod Nair, Head of Research, Geojit Financial Services. Sectorally, BSE auto, power, metal, utilities, energy, bankex, consumer durables and finance indices gained up to 2.54 per cent. However, realty and FMCG indices ended in the red. Broader BSE midcap and smallcap indices followed the benchmarks to settle up to 0.79 per cent higher. On the global front, equities advanced following reports that China and the US would resume their trade negotiations next month. In Asia, Hang Seng, Shanghai Composite Index, Nikkei and Kospi settled in the green. Exchanges in Europe were also trading in the positive zone in their respective early sessions. Meanwhile, the Indian rupee appreciated 16 paise (intra-day) to trade at 71.68 per US dollar. Global oil benchmark Brent crude was trading flat at USD 60.94 per barrel (intra-day). PTI ANS ABM ABM

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