Indian stock market closed higher on Friday despite a weak economic growth data for the April-June quarter of the financial year 2018. The benchmark Sensex rose by 162 points to end at a three-week high of 31,892.23 on buying in auto, pharma and energy stocks. The 30-share barometer stayed in the positive zone throughout the session and hit a high of 31,944.1 before winding up 0.51% at 31,892.23 points. Also, the broader Nifty 50 ended or 0.57% higher at 9,974.40 after shuttling between 9,983.45 and 9,909.85 during the day.
The buying in the shares of heavyweight companies such as Tata Motors, Reliance Industries, Dr Reddy’s Laboratories, Asian Paints, Kotak Mahindra Bank, Bajaj Auto, Maruti Suzuki and ITC, and Axis Bank contributed the most in the Sensex gains. Collectively these stocks added about 153 points to the index up surge of 162 points.
This week, the Sensex rose by 296.17 points, or 0.93 per cent and the Nifty by 117.35 points, or 1.19 per cent –recording their eighth weekly gain in nine. Among the Sensex constituents, shares of the Hyderabad-based drug maker Dr Reddy’s Laboratories rose as much as 9.75% to the day’s high of Rs 2,217.35 on BSE after the Nasdaq-listed Vivus Inc entered into a settlement agreement with the pharmaceutical firm to resolve a long-pending patent litigation related to weight management capsules Qsymia.
Shares of the Tata group’s automaker Tata Motors advanced over 4% just after the company said that there is a rise of 14% in the total sales for the month of August 2017 to 48,998 units. The total sales of Tata Motors passenger and commercial vehicles total sales (including exports) rose 14% to 48,988 units in August 2017 as compared to 43,105 vehicles sold in August 2016. Shares of the Maruti Suzuki advanced over 1.5% on Friday after the automaker reported a rise of 23.8% in the August sales figures. India’s largest car maker Maruti Suzuki India today reported a 23.8% increase in the total sales at 1,63,701 units in August 2017 versus 1,32,211 units in the same month a year-ago. The heavyweight stock of automaker was among the top five contributors to the gains in the benchmark Sensex.
Shares of the Royal Enfield maker advanced as much as 1.82% to the day’s high of Rs 31,976.95 on BSE today after the Gurgaon-based automaker reported a 22% rise in the sales for the month of August 2017. The total motorcycles sales for the month of August 2017 grew 22% to 67,977 units as compared to 55,721 units in the same month of previous fiscal. Bajaj Auto rose as much as 3.9% to the day’s high of Rs 2,918.1 on BSE today after the company reported a 3% rise in the sales for the month of August. The automaker posted an increase of 2.98% in the total sales to 3,35,031 units for the month of August 2017 versus 3,25,347 units in the August 2016.