Sensex up 185 points, automobile stocks rise

Mumbai, March 12 (IANS) A benchmark index of Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), was trading 185 points or 0.65 percent up in the afternoon session Thursday as automobile and capital goods stocks made healthy gains.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made gains in the afternoon trade session. It was up 56.45 points or 0.65 percent at 8,756.40 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 28,798.61 points, was trading at 28,8844.04 points (12.00 p.m.), up 184.87 points or 0.65 percent from the previous day’s close at 28,659.17 points.

The Sensex touched a high of 28,912.96 points and a low of 28,772.71 points in the trade so far.

All sector-based indices of the BSE made gains during the afternoon trade session. Healthy buying was observed in automobile, capital goods, metal, bank and fast moving consumer goods (FMCG) sectors.

The S&P BSE automobile index was up 223.74 points, followed by capital goods index which was higher by 169.27 points, metal index rose 114.44 points, bank index went up by 94.68 points and FMCG index gained 85.91 points.

On Wednesday, the Sensex closed 51 points or 0.18 percent down. It had closed Tuesday’s trade lower by 135 points or 0.47 percent, while on Monday it plunged 604 points or 2.05 percent. The Indian markets so far this week have reacted negatively to the sharp increase in the US non-farm payroll data for January.

The Indian markets were anxious as rapid increases in non-farm payroll data might lead to an increase in inflation. This can make the US Federal Reserve raise interest rates sooner than previously expected.

With higher interest rates, foreign institutional investors will be led away from emerging markets such as India.

Rules of Discussion on Sensex up 185 points, automobile stocks rise

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
Loading comments …