Markets cheer Brexit, Sensex soars 453 points

By: |
Published: October 18, 2019 2:14:49 AM

The Sensex surged 453.07 points on Thursday to mark its fifth day of gains. The benchmark index closed at 39,052.06 points and has gained over 3% in the last five sessions. The Nifty spiked 122.35 points, or 1.07%, to settle at 11,586.35.

Market news, Brexit, Sensex, Share, bse, Nifty, Tata Motors, HCL Tech, Vedanta, PowerGrid, Kotak Bank, Infosys, ONGC, Tech Mahindra, L&T, HDFC Bank , IndusInd Bank, SBI, Bajaj Auto, Asian Paints, Axis Bank, Tata Steel, Maruti,While the stock of Motherson Sumi Systems clocked its biggest single-day gain of 9.3%, Mastek and Tata Elxsi surged up to 5.4%.

Shares of companies having exposure to Europe rallied on Thursday after the European Union and Britain agreed on a new Brexit deal. The latest deal would pave the way for Britain’s exit from the European Union.

Tata Motors, which generated 16.3% of its revenue from the UK, rallied as much as 9.8% to close at Rs 138.15 on the BSE – its highest level since July 29. The m-cap Tata Motors increased by Rs 4,262 crore to Rs 43,449 crore on Thursday. “Retails sales in Europe declined 4.5% y-o-y on account of continuing diesel uncertainty, Brexit and the change to more stringent world harmonised light vehicle testing procedure (WLTP) emissions testing regime,” Tata Motors said in its FY19 annual report.

The Sensex surged 453.07 points on Thursday to mark its fifth day of gains. The benchmark index closed at 39,052.06 points and has gained over 3% in the last five sessions. The Nifty spiked 122.35 points, or 1.07%, to settle at 11,586.35.

While the stock of Motherson Sumi Systems clocked its biggest single-day gain of 9.3%, Mastek and Tata Elxsi surged up to 5.4%. About half of Tata Elxsi’s revenue was generated from Europe in FY19, whereas 73.9% of Mastek’s revenue came from the UK, Bloomberg data showed.

The BSE Auto index, the best performing sectoral index on Thursday, gained nearly 3% to end at an over three-month high of 17,709.05 points.

Siddharth Khemka, head of retail research, Motilal Oswal Financial Services, said: “Britain and the EU have finally struck an outline Brexit deal after days of intense negotiations, though it must still be formally approved by the bloc and ratified by the European and UK Parliaments. With Brexit deal approved and hopes of US-China reaching close to partial negotiation, market sentiments have turned positive.”

Yes Bank was the biggest gainer in the Sensex pack, soaring 15.19%, followed by Tata Motors, IndusInd Bank, SBI, Bajaj Auto, Asian Paints, Axis Bank, Tata Steel and Maruti, rising up to 9.82%.

On the other hand, HCL Tech, Vedanta, PowerGrid, Kotak Bank, Infosys, ONGC, Tech Mahindra, L&T and HDFC Bank fell up to 1.04%.
(With inputs from PTI)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Illegal CIS: Sebi asks G-Life India directors to refund Rs 26 crore to investors
2Sensex soars 453 points after Britain, EU reach Brexit deal, Nifty near 11,600; Yes Bank jumps 16%
3YES Bank rises over 17% after report of Sunil Mittal, Sunil Munjal showing stake buy interest