Shares of Tata Motors, HDFC and L&T advance; auto index gains the most among sectoral indices; Nifty adds 216 points
Mumbai: Indian shares jumped nearly 4% on Tuesday to mark their biggest single-day gain since May 2009. The markets gained for the fourth consecutive session, finding support from the Indian rupee that rose to a two-week high as receding geopolitical risks from Syria and strong exports in August helped improve sentiment.
Gains were also spurred by the Rs.1,800 crore worth of buying in Indian shares by foreign investors in the previous two sessions.
The 30-share S&P BSE Sensex closed 3.77%, or 727.04 points, higher at 19,997.10, while the National Stock Exchange’s 50-share Nifty gained 3.81%, or 216.35 points, to 5,896.75. The Sensex touched a high of 20,012.69 in the intra-day trade.
Among losers, shares of Dr Reddy’s Laboratories Ltd lost 0.76% to Rs.2,266.50.
The Indian rupee stood at 64.06 per dollar, stronger from the Friday’s close of 65.2450 on strong inflows from foreign portfolio investors and as banks sold dollars in anticipation of an increase in inflows because of measures announced by the Reserve Bank of India last week.
On BSE, 1,502 stocks advanced, 829 shares declined, while 143 shares remained unchanged.
Asian shares climbed, too. The Jakarta Composite Index gained 3.98% to 4,358.14 points, Philippine Index gained 1.55% to 6,089.72 points, while Japan’s Nikkei 225 gained 1.54% to 14,423.36 points.
By
Shah Muhammad Abdul Qadir
PGDM-I
IIMT College Of Management
Greter Noida
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