Sensex rises 232 points; bank, automotive stocks jump
MUMBAI: equity benchmark sensex It ended 232 points on Wednesday after a bullish session on Wednesday, led by gains in banking, financial and auto stocks despite mounting concerns about the country's economic outlook as COVID-19 cases rise.
After swinging more than 800 points during the day, the 30-share index closed 232.24 points, or 0.74 percent higher at 31,685.75.
Along similar lines, the NSE Nifty rose 65.30 points, or 0.71 percent, to finish at 9,270.90.
M&M was the top gainer in the sensex pack, rallying over 5 per cent, followed by Bajaj Finance, HDFC Bank, ICICI Bank, Bharti Airtel and Hero MotoCorp.
On the other hand, ITC deciphered more than 5 percent. HUL, TCS, Titan, and Infosys also ended in red.
According to traders, economic uncertainty due to the COVID-19 pandemic, muted corporate earnings, and weak macroeconomic data keep investors cautious.
In India, the number of deaths from COVID-19 increased to 1,694 and the number of cases increased to 49,391, according to the health ministry.
Globally, the number of cases linked to the disease has crossed 36.63 lakh and the number of deaths has exceeded 2.57 lakh.
Meanwhile, the exchanges in Shanghai, Hong Kong and Seoul settled with significant gains, while those in Tokyo closed for the holidays.
The European stock exchanges were trading on a cautious note in the first offers.
The International Benchmark Crude Oil Index Brent crude futures were trading 1.65 percent higher at $ 31.48 a barrel.
On the currency front, the rupee depreciated 9 paise to close at 75.72 against the US dollar.