Firm global cues, government steps lift markets by 1%
Mumbai: Indian equity markets on Friday closed on a strong note tracking global markets as investor sentiments improved on the news that the US and China are set to resume trade talks next month.
The Sensex and Nifty gained nearly 1 per cent, led by healthy buying in auto and growth sensitive-metal stocks. The Nifty auto index jumped by 2.61 per cent on hopes of a GST rate cut in the next Council meeting.
Besides, auto stocks gained after Union Minister Nitin Gadkari said on Thursday that the government is expected to award road projects worth Rs 5 lakh crore in the coming months, aimed at generating demand for automobile construction equipment.
The Sensex advanced by 337.35 points, or 0.92 per cent, to 36,981.77 while the Nifty closed 98.30 points or 0.91 per cent, higher at 10,946.20.
"Expectation of sops to the falling auto sector lifted market sentiments today. While gains across Asian markets on the hope of ease in trade tensions supported the upside," said Vinod Nair, Head of Research, Geojit Financial Services. Tech Mahindra, Maruti Suzuki, Axis Bank, Tata Motors (DVR) and Tata Steel gained the most on the Sensex, while Yes Bank, Sun Pharma and HCL Tech fell the most. (IANS)