Fund rally in auto stocks: Sensex closes at 60978 with early gain of 37 points

Mumbai: Auto stocks, including automobile giant Maruti Suzuki, saw encouraging results in the third quarter corporate results season. Local funds, domestic institutional investors continued to buy in stocks by foreign portfolio investors with continued selling in select IT-software services, technology stocks and auto stocks adding value to HDFC Twins scrips today. Of course, as the ...
 

Mumbai: Auto stocks, including automobile giant Maruti Suzuki, saw encouraging results in the third quarter corporate results season.

Local funds, domestic institutional investors continued to buy in stocks by foreign portfolio investors with continued selling in select IT-software services, technology stocks and auto stocks adding value to HDFC Twins scrips today. Of course, as the rupee depreciated 33 paise to 81.72 against the US dollar, the index-based initial surge finally faded away as Sensex, Nifty-based funds rallied in stocks including Larsen & Toubro, Tata Motors, among others banking stocks. Profit booking. steel. After an initial gain of 324.39 points, the Sensex closed at 60978.75, up 37.08 points, and the Nifty spot closed at 18118.30, down 0.25 points after an initial gain of 82.70 points. On the international front, Asian markets remained closed on the occasion of Lunar New Year, while Chinese markets remained closed for three days, despite the possibility of geopolitical tension between the US and China on the issue of buying oil from Iran and cooperation with Russia. Stay closed for Lunar New Year, Japan’s Tokyo stock market saw a positive factor improvement. There was slight softening in the European markets.

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