Equity indices trade firm, auto stocks surge

Equity benchmark indices traded firm during early hours on Monday on the back upbeat global sentiment and India getting technically out of recession with Q3 GDP data showing 0.4 per cent growth.

At 10:15 am, the BSE S&P Sensex was up by 735 points or 1.5 per cent at 49,806 while the Nifty 50 edged higher by 210 points or 1.45 per cent to 14,739.

All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 2.2 per cent, financial service by 2 per cent, private bank by 1.8 per cent and IT by 1.5 per cent.

Among stocks, Hero MotoCorp surged by 3.7 per cent to Rs 3,334.40 per share and Mahindra & Mahindra by 3.5 per cent to Rs 835.30.

Power Grid Corporation ticked up by 3.5 per cent, ONGC by 3.3 per cent and Titan by 2.9 per cent. However, Bharti Airtel fell by 2.3 per cent, SBI Life by 0.6 per cent and Hindalco by 0.5 per cent.

Meanwhile, Asian shares rallied as some semblance of calm returned to bond markets after last week’s ride. Progress in the huge US stimulus package underpinned optimism about the global economy also sent oil prices higher.

MSCI’s broadest index of Asia Pacific shares outside Japan edged up by 0.8 per cent. Japan’s Nikkei rallied by 2.1 per cent while Chinese blue chips added 0.5 per cent.

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