Sensex tops 31,600 ahead of RBI’s policy meet; Tata Motors jumps nearly 7%

By: | Published: October 3, 2017 9:42 AM

Sensex and Nifty opened higher on Tuesday following the positive cues from the Wall Street’s record closing on Friday last week. Tata Motors was the biggest gainer on Sensex after the automaker posted a 25% increase in domestic sales at 53,965 units in September.

The benchmark Sensex rose as much as 332 points to hit the day’s high of 31,615.28 points. (Image: Wikimedia Commons)

Sensex and Nifty opened higher on Tuesday following the positive cues from the Wall Street’s record closing on Friday last week. BSE Sensex advanced 254 points to open at 31,537.81 points while NSE Nifty added 104.7 points to start at 9893.3 points. The benchmark Sensex rose as much as 332 points to hit the day’s high of 31,615.28 points. The two-day bi-monthly policy meeting of the Reserve Bank of India will be starting from today. The outcome of RBI policy meeting, macroeconomic data points and investment trend of overseas investors will guide the Indian stock markets this week. Foreign institutional investors pulled out over Rs 11,000 crore from stock markets in September.

Shares of Tata Motors was the biggest gainer on Sensex today after the automaker posted a 25% increase in domestic sales at 53,965 units in September. The stock of Tata Motors surged 6.8% to the day’s high of Rs 428.25 on BSE today. Other gainers on Sensex are Asian Paints (up 1.88%), Bajaj Auto (up 1.97%), Tata Steel (up 1.48%), and Mahindra & Mahindra (up 1.83%). The stocks of heavyweight companies such as Tata Motors, Reliance Industries, ITC, Infosys, ICICI Bank, and Asian Paints contributed the most in the Sensex up surge. Collectively these six stocks alone added about 127 points out of the 182-point gain in the index. The 30-share barometer was trading 0.58% up at 31,465.74 points.

Dr Reddy’s Laboratories stock gained 1.9% to Rs 2,373.5 after the drugmaker launched Sevelamer carbonate tablets in the American market which are used for controlling serum phosphorus in people with chronic kidney disease on dialysis.

US stocks started the fourth quarter on a strong note on Monday, with all three major indexes hitting record high closes as data pointed to underlying strength in the economy. The Dow Jones Industrial Average rose 152.51 points or 0.68% to 22,557.6 points, the S&P 500 gained 9.76 points or 0.39% to 2,529.12 points and the Nasdaq Composite added 20.76 points, or 0.32% to 6,516.72 points.

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