Sensex climbs 396 points on global cues, metal and auto stocks gain

Last Updated: Fri, Sep 27, 2019 12:22 hrs
Sensex

Mumbai (Maharashtra): Equity indices jumped one per cent higher on Thursday following firm global cues as US President Donald Trump said the trade deal with China may happen soon.

The BSE S&P Sensex closed 396 points higher at 38,990 while the Nifty 50 gained by 133 points to wind up at 11,573. At the National Stock Exchange, all sectoral indices except for IT were in the positive zone.

Among stocks, mining and metals major Vedanta moved up by 6.8 per cent to Rs 166.95 per share. Tata Steel gained by 4.3 per cent while Coal India gathered gains of 5.4 per cent.

Oil marketing firms Indian Oil Corporation and Bharat Petroleum Corporation edged higher by 4.7 per cent and 3.1 per cent respectively. The other prominent gainers were Mahindra & Mahindra, ICICI Bank, ONGC and Maruti Suzuki.

However, Yes Bank shares slipped by 4.6 per cent despite the company receiving strong interest from multiple foreign as well as domestic private equity and strategic investors for the proposed capital raise.

Meanwhile, Asian stocks were slightly up on rising hopes that the United States and China may soon reach a trade deal.

The optimism over trade pushed market concerns about US political risks into the background, a day after Democrat lawmakers said they will open an impeachment enquiry into Trump's dealings with his Ukraine counterpart.

MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.13 per cent while Japan's Nikkei rose by 0.13 per cent. The Chinese blue-chip shares advanced by 0.2 per cent and the Hang Seng gained by 0.37 per cent.

A day earlier, the Dow Jones also ended 150 points higher.