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Sensex climbs 488 points; Titan, Tata Motors up over 10%

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Indian equity benchmarks moved higher on Thursday led by gains in auto, information technology and consumer durable heavyweights Infosys, TCS, Tata Motors and Titan Co. Sensex rose up to 725 points and Nifty 50 index touched a high of 17,857.55. Markets opened a gap and traded strongly ahead of the start of corporate results on Friday and the Reserve Bank of India’s monetary policy decision.

Sensex closed 488 points higher at 59,678 and Nifty 50 index rose 144 points at 17,790.

The Monetary Policy Committee is widely expected to keep the repo rate unchanged on Friday to support a growth rate correction, but some analysts cited a slim possibility of the Reserve Bank of India providing an indicative hike in the reverse repo rate. Have given.

Meanwhile, the country’s largest IT company TCS along with its September quarter earnings for the second quarter from Nifty 50 companies will start tomorrow.

Tata Motors on Thursday rose to its highest level in nearly four years after Morgan Stanley Research upgraded the stock on hopes of encouraging annual earnings from Jaguar Land Rover parent.

The brokerage raised its rating on Tata Motors from “equal-weight” to “overweight”, which it had maintained since 2017, saying the automaker’s India business posted a full-year gain after eight years of losses. Looking forward to posting.

Titan surged over 10 per cent to a record high of Rs 2,384.25 after the company informed exchanges as its consumer businesses saw a strong recovery in demand after a second wave, with sales up sharply across most divisions. or near pre-pandemic levels. .

TCS closed 2.1 per cent higher at Rs 3,891 a day before earnings.

Mahindra & Mahindra, Maruti Suzuki, Eicher Motors, IndusInd Bank, Sun Pharma, HCL Technologies, Asian Paints and ICICI Bank also rose between 2-5 per cent.

On the flipside, ONGC, Dr Reddy’s Labs, Coal India, HDFC, Bajaj Finserv, Divi’s Labs, Hindustan Unilever, Britannia Industries and Grasim Industries were among the top losers in Nifty.

All 15 sector gauges ended higher with the Nifty Realty index gaining 6 per cent, except for the index of oil and gas stocks compiled by the National Stock Exchange. Nifty Consumer Durables and Auto indices also rose 5.4 per cent and 4.4 per cent, respectively.

Mid- and small-cap stocks also witnessed interest as the Nifty Midcap 100 index rose nearly 2 per cent and the Nifty Smallcap 100 index rose 1.25 per cent.

Overall market breadth was positive as 2,222 shares closed higher while 1,077 shares closed lower on the BSE.

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