Sensex, Nifty Rise On Gains In Metal, Auto Stocks

MUMBAI: Benchmark equity indices Sensex and Nifty closed higher on Friday after two days of fall, helped by buying in metal, telecom and auto stocks amid a firm trend in global markets.

Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting robust wholesales of passenger vehicles and GST collections crossing Rs 1.50 lakh crore for the third straight month in May also added to the optimism.

The 30-share BSE Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11. During the day, it jumped 291.3 points or 0.46 per cent to 62,719.84.

The NSE Nifty advanced 46.35 points or 0.25 per cent to finish at 18,534.10.

On a weekly basis, the BSE benchmark gained 45.42 points or 0.07 per cent, and the Nifty climbed 34.75 points or 0.18 per cent.

"This week, the Indian market was volatile. However, it was able to regain momentum led by a positive domestic outlook accompanied by global cues.

Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector.

"The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market," Vinod Nair, Head of Research at Geojit Financial Services, said.

Tata Steel was the biggest gainer in the Sensex pack, rising nearly 2 per cent, followed by Maruti, Mahindra & Mahindra, Sun Pharma, Larsen & Toubro, Titan, Bharti Airtel, Power Grid, ITC, State Bank of India and Nestle.

In contrast, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, IndusInd Bank, Tech Mahindra, Reliance Industries and Bajaj Finance were among the laggards.

"Auto stocks were in focus after reporting better-than-expected sales numbers for May. Also, with the monsoon arrival expected early next week, the rural and agri-related stock would also be in focus," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.