Auto stocks in top gear

Mumbai: BSE Sensex and NSE Nifty on Thursday closed on a dismal note in volatile trading amid selling in private banks. The futures and options (F&O) expiry caused further pressure on the market. The trading commenced on a positive note as buying support was extended to pharma, automobile and metal stocks. However, the early gains couldn’t sustain as concerns over economic slowdown dampened the market sentiment. The firm global cues, including positive developments in US-China trade dialogue, easing Hong Kong crisis and Brexit couldn’t propel the indices upwards, observed analysts.

BSE Sensex fell 80.32 points or 0.22 per cent to end the session at 36,644.42 points. NSE Nifty closed at 10,847.90 points, a minuscule gain of 3.25 points or 0.03 per cent.

Investors are optimistic about the Indian economy even though it fell to a six-year low in the April-June quarter of 2019-20 financial year.

Infosys, Maruti Suzuki, ONGC and Tata Motors were top gainers, while HDFC twins, ICICI Bank and TCS were the top losers during the session.

The investors have a lot to look forward to as the rupee recovers, possible cut in auto GST rate, ensuing festival demand, etc. However, automobile stocks hogged the limelight after the transport minister Nitin Gadkari issued a statement that he would ask finance minister to lower GST on internal combustion engine (ICE) vehicles.

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