Gains drive market to end high; Auto Index led gains
The stock market ended higher on Friday, driven by gains. The domestic market witnessed low volatility in the absence of fresh triggers and traded on a positive note throughout the session.
On Friday trade domestic stock markets registered sharp gains in the final hours supported by a surge in banking, auto, and metal stocks.
After switching direction at least eight times during the session S&P BSE Sensex moved in a range of 413.41 points, before settling with a gain of 280.71 points at 37,384.99 for the day.
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The broader NSE Nifty 50 benchmark recovered as much as 138.7 points from an intraday low of 10,945.75 to touch 11,084.45 at the day’s strongest level, before shutting shop at 10,982.80.
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Except pharmaceuticals shares other sectors saw a sharp recovery in the markets, after a session marked with high volatility for the most part.
The gains came a day after official data showed consumer inflation accelerated to 3.21 per cent in August – the highest level recorded since October 2018, fuelling hopes of further monetary easing by the central bank. Separate data showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month.
Experts say the latest macroeconomic data leaves room for a rate cut in the RBI’s next bi-monthly review due in October.
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