Despite rate setback, indices rise on Wipro & auto stocks this week
On Friday, the BSE's 30-share Sensex rose 1%, or 193.75 points, to 18,755.45, while the broader Nifty gained 0.93%, or 52.65 points, to end the session at 5,697.7. The benchmark indices fared better than the BSE mid-cap and small-cap indices, which gained 0.4% and 0.3% to close at 6,645.45 and 7,064.38, respectively.
Market sentiment was lifted after Wipro extended its Thursday's gains following a healthy set of September quarter numbers that beat Street estimates. It rose 1%, or 3.55 points, to R364.95. Earlier on Thursday, the stock had clocked in 3% after the company announced de-merging of its non-IT businesses.
Auto stocks also supported the market this week. Both Bajaj Auto and Maruti Suzuki hit 52-week highs of R1,905 and R1,476.4 on Friday's trade before ending the session up 3% and 0.8%, respectively. Mahindra & Mahindra rose 2% to R917.60. While Bajaj Auto reported a 4.1% growth in October volumes, Maruti and M&M grew at a robust 86.6% and 30.4% compared to last year.
During the week, Maruti advanced 7% after releasing its September quarter earnings, as a 5.4% y-o-y decline in net profits was better than Street estimates.
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