Sensex Ends 580 Points Higher; Auto And Metal Stocks Witness Buying

Share markets in India continued their momentum during closing hours and ended the week on a strong note. Sectoral indices were trading on a positive note with stocks in the auto sector and metal sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 580 points (up 1.7%) and the NSE Nifty closed up by 173 points (up 1.7%). The BSE Mid Cap index ended the day up 0.8%, while the BSE Small Cap index ended the day up by 0.7%.

The rupee was trading at Rs 72.49 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 4% and the Shanghai Composite was up by 2.6%. The Nikkei 225 was up by 2.5%. European markets were also trading on a positive note. The FTSE 100 was up by 0.7%. The DAX was up by 1.4%, and the CAC 40 was up by 1.3%.

In the news from the banking spacePunjab National Bank share price was in focus today as the lender reported a loss of Rs 45.3 billion for September quarter. The underperformance was seen on the back of massive provisions and contingencies of Rs 97.6 billion the state-run lender made during the period.

These provisions for the quarter at Rs 97.6 billion were over three times Rs 24.4 billion the lender made in the year-ago period. Of these, provisions for non-performing assets (NPAs) stood at 77.3 billion.

In the news from currency markets, the rupee witnessed buying interest and climbed over 1% today. This was seen on the back of falling crude oil prices and a weaker dollar.

The above news comes as a welcome breather as the rupee has been witnessing selling pressure since the start of this year on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey has weighed on the rupee lately.

The falling rupee has also triggered sales of bonds and stocks, which in turn is further pressuring the rupee.

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