Sensex surges nearly 200 points; auto stocks rally
Posted on Aug 11 2014 | IANS
Mumbai, Aug 11 : A benchmark index of Indian equities markets Monday closed trading 190.10 points or 0.75 percent up as auto stocks surged.
Good buying was observed in auto, capital goods and banking sectors, while selling pressure was seen in fast moving consumer goods (FMCG) sector.
The 30-scrip Sensitive Index (Sensex) of the S and P Bombay Stock Exchange (BSE), which opened at 25,476.87 points, closed at 25,519.24 points, up 190.10 points or 0.75 percent from the previous day's close at 25,329.14 points.
The Sensex touched a high of 25,553.44 points and a low of 25,437.05 points in intra-trade.
The S and P BSE auto index gained 412.37 points, capital goods index got augmented by 125.24 points, and bankex went up by 93.39 points. However, FMCG index dropped by 28.89 points.
Snapping a three-day losing streak, the wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed trading 57.40 points or 0.76 percent up at 7,625.95 points.
"We like auto, PSU banks and cement stocks with a short term to medium term purpose. Crude prices are falling which is grossly bullish especially for the Indian markets and that will help the oil and gas sector. Our Indian currency remained above the mark of 61, which is certainly not positive in the short term as it indicates at geopolitical tension or weak domestic cues. Tomorrow, in the first half, the market may wait for WPI and IIP numbers," Shrikant Chouhan, head-technical research, Kotak Securities said.
The major Sensex gainers were: Mahindra and Mahindra, up 6.45 percent at Rs.1,308.40; Tata Motors, up 3.33 percent at Rs.447.40; HDFC, up 3.16 percent at Rs.1,058.70; SSTL, up 2.72 percent at Rs.275.80; Infosys, up 2.67 percent at Rs.3,573.25; and Maruti Suzuki, up 1.77 percent at Rs.2,664.80.
The losers were: Gail India, down 4.34 percent at Rs.390.15; Dr Reddy's Lab, down 2.19 percent at Rs.2,719.65; and NTPC, down 1.59 percent at Rs.135.80.
Among the Asian markets, Japan's Nikkei went up by 2.38 percent, Hong Kong's Hang Seng was 1.29 percent points higher and China's Shanghai Composite Index, gained 1.38 percent.
In Europe, London's FTSE 100 was up by 0.80 percent, Germany's DAX Index gained 1.58 percent and France's CAC 40 was 0.78 percent higher.