Sensex Ends 125 Points Higher; Realty And Automobile Stocks Witness Buying

Indian share markets witnessed buying interest throughout the day and ended higher. Gains were largely seen in the metal sectorrealty sector and automobile sector, while IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 125 points (up 0.3%) and the NSE Nifty closed higher by 33 points (up 0.3%). The BSE Mid Cap index ended the day up 1% and the BSE Small-Cap index ended the day up by 1.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 1.8% and the Shanghai Composite stood lower by 0.4%. The Nikkei 225 was up 1%.

The rupee was trading at 71.65 against the US$.

Cement stocks witnessed buying interest today on the back of Finance Minister Nirmala Sitharaman's comments that the government will frontload expenditure on infrastructure.

On Tuesday, Sitharaman had said that the government will frontload infrastructure spending in a bid to give the economy a boost and announce one or two more sets of stimulus measures aimed at reviving growth in the coming quarters.

Shares of India CementOrient Cement and Everest Industries rose over 4% on back of the above news.

Buying interest was also seen amid hopes of rate cuts for the industry at the upcoming GST council meet.

In news from the energy sector, Oil and Natural Gas Corporation (ONGC) today announced that it will invest more than Rs 130 billion in exploring oil and gas by drilling over 220 wells across Assam in the next five years.

The company said in a statement that it has signed an MoU with the Assam government for enhancing its exploration and production activities in the state.

The company is also planning to buy out the rest of a western Indian petrochemical project and launch a public offering if it fails to find a strategic partner for it.

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