Sensex Ends 307 Points Higher; Metal And Oil & Gas Stocks Witness Buying

Indian share markets traded on a positive note throughout the day and ended on a strong note. Gains were seen in the metal sector, oil & gas sector and power sector, while realty stocks and IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 307 points (up 0.9%) and the NSE Nifty closed higher by 83 points (up 0.8%). The BSE Mid Cap index ended the day up 0.4% and the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was up by 0.2%. The Nikkei 225 was up 0.6%.

The rupee was trading at 71.62 against the US$.

In the news from the automobiles sector, Tata Motors share price was in focus today after a news report suggested that the company-owned Jaguar Land Rover (JLR) plans to cut thousands of jobs as part of a turnaround strategy.

Last month, Moody's Investors Service changed the outlook on Tata Motors's corporate family rating to negative from stable. Earlier, JLR reduced the workforce at the plant in Solihull, Central England. The company also reported that the external environment remains challenging and decisive actions are taken to achieve the necessary operational efficiencies to safeguard long-term success. Jaguar Land Rover (JLR) has also won the backing of the UK government's 25-million Pounds grant intended to accelerate the development of innovative low-carbon vehicle technologies.

In the past one week, the auto company has rallied around 12%, outperforming the market.

To know more about the company, you can access to Tata Motors Q2FY19 result analysis and Tata Motors stock analysis on our website.

In the news from the banking space, Bandhan bank share price witnessed buying interest today after the Kolkata-based private sector lender received prior approval from the Reserve Bank of India (RBI) to open new branches.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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