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Global cues, auto stocks buoy Indian indices
Mumbai, September 2, 2020
Positive global cues along with accelerated pick-up of auto stocks on the back of healthy August sales numbers lifted the Indian equity market on Wednesday.
Globally, major Asian markets closed on a mixed note, whereas European indices like the FTSE, CAC and DAX ended higher.
Sector-wise, the top gainers were BSE Power, Metal, Telecom and Auto indices.
Index-wise, the BSE Sensex closed at 39,086.03, higher by 185.23 points or 0.48 per cent from the previous close of 38,900.80.
It opened at 38,892.64 and touched an intra-day high of 39,141.84 and a low of 38,736.22 points.
The Nifty50 on the NSE closed at 11,535, higher by 64.75 points or 0.56 per cent from the previous close.
"Technically, with the Nifty surging higher, traders will need to watch, if the Nifty can now move above the short term trend reversal levels of 11,554 for further upsides," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Supports to watch for a resumption of weakness are at 11,430."
According to S. Ranganathan, Head of Research at LKP Securities: "The key indices scaled up today as the SC began hearing the loan moratorium today. The 4-wheeler automotive stocks and tractor stocks led the charge ably supported by selected pivotals."
"The encouraging 'Kharif' acreage till end of August also buoyed sentiments in the rural stocks as investors sought growth and value in the broader market."
In addition, Vinod Nair, Head of Research at Geojit Financial Services said that after initially trading with uncertainty, the markets gained strength, in sync with positive global cues.
"European and Asian markets gained from encouraging economic data which could be assumed as an indicator towards an economic recovery in most of the major economies," Nair said.
"Encouraging US, Chinese and European manufacturing data and also the expectation that US would bring in additional stimulus kept up the buoyancy in the markets."