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Market Wrap: Sensex ends 379 pts up, Nifty at 10,987; Tata Motors soars 7%

Benchmark indices ended over 1 per cent higher  led by gains in ICICI Bank, Axis Bank, HDFC Bank, ITC and RIL.  The S&P BSE Sensex ended at 36,443, up 379 points while the broader Nifty50 index settled at 10,987, up 123 points. Among sectoral indices, Nifty Auto index ended 3.17 per cent higher with Eicher Motors and Tata Motors being the top gainers. The Nifty Metal index, too, settled 2.65 per cent higher steered by Jindal Stainless and Hindustan Copper.   In the broader market, the S&P BSE MidCap index ended 291 points, or 2.01 per cent higher at 14,794, while S&P BSE SmallCap index settled at 14,417, up 435 points, or 3.11 per cent. The shares of REC (up 5 per cent at Rs 144) and Power Finance Corporation (up 2.5 per cent at Rs 116) hit their respective 52-week highs during intra-day trade on the BSE. REC ended at Rs 144.80, up 5.46 per cent whereas Power Finance Corporation settled 2.78 per cent higher at Rs 116.50. Shares of Tata Motors rallied 10 per cent to Rs 198 apiece on the National Stock Exchange (NSE) in the intra-day trade on the back of heavy volumes after the company denied the reports of exploring options for Jaguar Land Rover Automotive Plc (JLR) including stake sale.  According to Bloomberg report, Tata Group, India’s biggest conglomerate, is exploring strategic options for its Jaguar Land Rover Automotive Plc unit including a potential stake sale in the struggling luxury carmaker, people familiar with the matter said.  With today’s gain, the stock of Tata Motors has soared 53 per cent from its 52-week low Rs 129 touched on February 8, 2019, in the intra-day trade. The stock ended at Rs 193.40, up 7.27 per cent. 


 2019-03-05  3m