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Sensex climbs 270 pts; auto shares advance

Published on Jul 09, 2024 11:31

The frontline indices continued to trade with decent gains in mid-morning trade. The Nifty traded above the 24,350 mark. Auto shares gained after declining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 270.93 points or 0.34% to 80,230.36. The Nifty 50 index added 62.55 points or 0.26% to 24,383.45.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index rose 0.18%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 2,025 shares rose and 1,730 shares fell. A total of 122 shares were unchanged.

Buzzing Index:

The Nifty Auto index gained 1.24% to 25,574.80. The index shed 0.54% in the past trading session.

Maruti Suzuki India (up 5.27%), Bosch (up 1.81%), Ashok Leyland (up 1.11%), Apollo Tyres (up 1.01%), Mahindra & Mahindra (up 0.96%), MRF (up 0.8%), TVS Motor Company (up 0.78%), Hero MotoCorp (up 0.75%), Eicher Motors (up 0.4%) and Tata Motors (up 0.39%) edged higher.

On the other hand, Balkrishna Industries (down 0.51%), Samvardhana Motherson International (down 0.4%) and Bharat Forge (down 0.34%) declined.

Stocks in Spotlight:

Godrej Consumer Products declined 1.59%. The company said that despite the operating conditions in India continuing to remain soft in the quarter its India business performed well with high-single digit organic volume and mid-single digit value growth.

Pitti Engineering added 1.83% after the company opened its QIP for raising upto Rs 360 crore and set the floor price at Rs 1,054.25 per share.

Global Markets:

Asian stocks advanced, mirroring another record close for the S&P 500, as investors awaited Federal Reserve Chair Jerome Powell`s testimony before Congress and the kick-off of the U.S. earnings season.

Powell`s testimony, starting Tuesday, will be scrutinized for clues about the Fed`s monetary policy direction. He faces conflicting pressures from lawmakers: some urging interest rate cuts and others critical of the Fed`s recent plans to tighten regulations on Wall Street banks.

In the U.S., both the S&P 500 and Nasdaq indexes extended their gains on Monday, reaching new all-time highs. Investors are looking ahead to key inflation data due later this week.

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