Sensex Ends 629 Points Higher; Realty And Auto Stocks Witness Buying

Indian share markets continued their momentum throughout the day and ended the day on a strong note. Gains were largely seen in the realty sectortelecom sector, and auto sector.

At the closing bell, the BSE Sensex stood higher by 629 points (up 1.8%) and the NSE Nifty closed higher by 188 points (up 1.8%). Both, the BSE Mid Cap index and the BSE Small Cap index, ended the day up by 2.5%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 1.6% and the Nikkei was trading up by 2.2%. The Shanghai Composite stood higher by 0.3%.

European markets were trading on a positive note. The FTSE 100 was up by 1.1%. The DAX was up by 1.1% while the CAC 40 was up by 1.8%.

The rupee was trading at 71.93 to the US$ at the time of writing.

Rising for the second straight session, the benchmark BSE Sensex gained over 300 points in early trade today after Shaktikanta Das was named as the new governor of the RBI.

Reportedly, former economic affairs secretary Shaktikanta Das had been instrumental in establishing the monetary policy committee (MPC) and the switchover to an inflation targeting regime, among other things. Now that he's moving to the regulatory side, Das may even have to resist some of the ideas he supported when in government.

Das was named the 25th governor of the Reserve Bank of India to succeed Urjit Patel. As we all know, Urjit Patel quit abruptly on Monday amid a bitter dispute over the regulator's autonomy.

The above development came on the back of Reserve Bank of India (RBI) governor Urjit Patel's resignation on Monday.

Patel, whose three-year term was to end in September 2019, is the first governor since 1990 to step down before his term ended.

Patel cited personal reasons for his resignation, but as per the reports, there were undercurrent since the government cited hereto never-used-before provisions of the law to bring him to negotiating table on issues it felt were of national interest.

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