Stocks

Sensex ends 230 points higher led by Auto, Bank stocks

Our Bureau/Agencies | Updated on August 26, 2020 Published on August 26, 2020

The BSE benchmark Sensex rose 230 points on Wednesday led by gains in index-heavyweight banking, auto, and energy stocks amid persistent foreign fund inflows.

After touching opening strong at 38,930.18, the BSE Sensex touched an intraday high of 39,111.55 before closing at 39,073.92, gaining 230.04 points, or 0.59%, over the previous close.

On the NSE, the NSE Nifty was up 77.35 points or 0.68 per cent and closed  11,549.60.

IndusInd Bank was the top gainer in the Sensex pack, surging around 6 per cent, followed by Reliance, Axis Bank, Kotak Bank, Bajaj Auto, HCL Tech,  ICICI Bank and Infosys.

On the other hand, Bharti Airtel, UltraCemco, Asian Paints, Maruti, L&T and NTPC were among the laggards.

Exchange data showed that foreign institutional investors bought equities worth Rs 1,481.20 crore on a net basis on Tuesday.

Traders said extended rally in banking, auto and energy stocks lifted benchmark indices, despite tepid cues from Asian peers.

Persistent foreign fund inflow too buoyed market sentiment, they said.

Asian markets finished mixed as of the recent closing prices. The Hang Seng gained 0.02%, while the Shanghai Composite led the Nikkei 225 lower, with the former losing 1.30% and the latter edged down by 0.03%.

Automobile stocks revv up

Auto stocks were in demand on Wednesday, with the BSE Auto index rising up to 1.50 per cent, after Finance Minister Nirmala Sitharaman said two-wheelers are neither a luxury nor sin goods and so merit a GST rate revision.

Shares of TVS Motor Company zoomed 4.88 per cent, Hero MotoCorp jumped 6.43 per cent and Bajaj Auto gained 2.42 per cent on the BSE.

Among other auto stocks, Tata Motors rose by 8.50 per cent, Eicher Motors 1.45 per cent, Mahindra and Mahindra 0.60 per cent and Ashok Leyland 1.50 per cent.

The BSE Auto index ended 1.51 per cent higher at 18,278.57 today.

According to a statement issued by CII, which was also issued by the finance ministry’s spokesperson, Sitharaman said a rate revision proposal would be taken up by the GST Council.

Two-wheelers currently attract 28 per cent GST.

 

 

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Published on August 26, 2020
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