Sensex Ends Over 300 Points Higher; Energy And Metal Stocks Witness Buying

After opening the day marginally lower, Indian share markets witnessed most of the buying interest during closing hours and ended their trading session on a strong note. Gains were largely seen in the energy sectormetal sector, and realty sector.

At the closing bell, the BSE Sensex stood higher by 312 points (up 0.8%) and the NSE Nifty closed higher by 97 points (up 0.8%). The BSE Mid Cap index ended the day up 0.7%, while the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 1.3% and the Shanghai Composite was down by 0.9%. The Nikkei 225 was down 0.4%.

The rupee was trading at 69.35 against the US$.

The domestic currency is presently trading higher driven by easing crude oil prices and foreign fund inflows.

Yesterday, the rupee recovered from day's low and ended 23 paise higher at 69.35 against the US$ amid weakening of the greenback against other major currencies.

In the last few sessions, the dollar has been weighed down following expectation that the Federal Reserve in the near future is expected to cut rates.

In the news from the retail sectorTrent share price was in focus today. Stock of the company witnessed buying interest today after the company said it was seeking shareholder's approval to allot up to 24.7 million equity shares to Tata Sons.

So far this week, the Tata group retail chain's subsidiary has surged 10% after its board approved raising up to Rs 15.5 billion through a mix of issue of shares to its promoter Tata Sons on a preferential basis, and other options to fund its expansion.

The company said, "total amount to be raised from issuance of shares to the promoter is about Rs 9.5 billion, which the company plans to utilise to finance its expansion and reduce debt,"

After the transaction, the stake of Tata Sons, holding company of Tata Group, in Trent will increase to 33% from the current 28%.

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