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Rediff.com  » Business » Sensex climbs 213 points as auto stocks advance

Sensex climbs 213 points as auto stocks advance

October 03, 2017 16:49 IST

Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three US indices hit new records following strong economic data, bolstered trading sentiments here.

The BSE Sensex on Tuesday rose by 213 points or 0.68 per cent and the NSE Nifty closed above the 9,800-mark after a rally in auto stocks on better-than-expected sales data for September.

The 30-share BSE barometer after gap-up opening at 31,537.81 points hit a high of 31,615.28 on sustained buying by domestic institutional investors (DIIs).

 

However, profit booking at improved levels eroded some of its gains and the index settled at 31,497.38, recording a notable rise of 213.66 points, or 0.68 per cent.

The gauge had gained 123.91 points in the previous two sessions.

The broader NSE Nifty retook the 9,800 level to end at 9,859.50 by surging 70.90 points, or 0.72 per cent, after moving between 9,895.40 and 9,831.05.

Stock exchanges were closed on Monday for the 'Gandhi Jayanti'.

Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three US indices hit new records following strong economic data, too bolstered trading sentiments here.

The US manufacturing activity in September rose to its highest level in 13 years.

Robust sales numbers for September from automakers led by Tata Motors and positive global cues added fuel to the rally.

The Monetary Policy Committee headed by RBI governor Urjit Patel started two-day deliberations today with industry and the government hoping for interest rate cut to spur growth which fell to 3-year low of 5.7 per cent in the June quarter, while experts expect status quo.

The fourth bi-monthly monetary policy statement for 2017 -18, to be released on Wednesday, is being keenly awaited by all stakeholders -- especially the industry which has been demanding for lower interest rates.

Photograph: Shailesh Andrade/Reuters

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