Sensex and Nifty closed higher on Tuesday for the third consecutive day pushed by the robust September sales of major automakers such as Tata Motors.
Sensex and Nifty closed higher on Tuesday for the third consecutive day pushed by the robust September sales of major automakers such as Tata Motors. BSE Sensex gained 214 points to close at 31,497.38 points and NSE Nifty 71 points to finish at 9,859.5 points. During the day, the benchmark Sensex rose as much as 332 points to hit the day’s high of 31,615.28 points. The market participants keenly awaited the outcome of the two-day bi-monthly policy meeting of the Reserve Bank of India scheduled for tomorrow. Shares of Tata Motors were the biggest gainer on Sensex, surged 6.8% to the day’s high of Rs 428.25 before closing 3.78% up at Rs 416.4 after the automaker reported a 25% increase in domestic sales at 53,965 units in September.
Shares of Asian Paints (up 2.72%), Reliance Industries (up 2.07%), Bajaj Auto (up 1.8%), Adani Ports (up 1.7%), Tata Steel (up 1.47%), and Hindustan Unilever (up 1.35%) were among the lead gainers after Tata Motors while Power Grid, Maruti Suzuki, Bharti Airtel, State Bank of India, Cipla, and L&T lost up to 2.16%. The stocks of heavyweight companies such as Reliance Industries, HDFC, Tata Motors, ITC, Asian Paints, HDFC Bank, Hindustan Unilever, Infosys, and ICICI Bank contributed the most to the Sensex up move. Collectively these nine stock alone added about 205 points out of the 213-point gain in the index.
The Reserve Bank of India is expected to keep rates on hold despite a sharp slowdown in economic growth after inflation surged to a five-month high, Reuters reported. Meanwhile, India’s manufacturing activity in India expanded in September for the second month in a row, driven up by an increase in output and new orders.