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Rediff.com  » Business » Banking, auto shares steal the show as Sensex gains 580 points

Banking, auto shares steal the show as Sensex gains 580 points

November 02, 2018 16:21 IST

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the $73-mark to quote at a seven-month low of $72.65

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 on Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and fresh flow of foreign funds.

 

Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said.

The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains.

It finally settled 579.68 points, or 1.68 per cent, higher at 35,011.65.

This is its highest closing since October 4, when it had finished at 35,169.16.

The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session.

On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the $73-mark to quote at a seven-month low of $72.65 by falling 3.48 per cent on higher supply from the world's major producers.

Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures.

The finance ministry on Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.

Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month.

Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed.

The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7.

'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.

Photograph: Sahil Salvi

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