Sensex rises 300 pts, Nifty above 8700; IT stocks under perform

Epic Update Maruti Suzuki India
Epic Update Maruti Suzuki India

Equity benchmarks extended rally with the Nifty reclaiming 8700 level on hopes of easing geopolitical tensions at India-Pakistan border after Pakistan PM advisor’s comments. Short covering lifted the Nifty above 8700 level.

The 30-share BSE Sensex was up 308.48 points or 1.11 percent at 28174.44 and the 50-share NSE Nifty up 99.95 points or 1.16 percent at 8711.10 while the broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained 1.7-2 percent on strong breadth. About six shares advanced for every share falling on the exchange.

Sartaj Aziz, advisor to Pakistan Prime Minister Nawaz Sharif on Foreign Affairs, confirmed today that both India & Pakistan have decided to reduce tensions.

Auto stocks were strong after September sales data. Maruti Suzuki, M&M, Tata Motors, Hero Motocorp, Bajaj Auto, Ashok Leyland and Eicher Motors gained 2-4 percent.

HDFC and HDFC Bank were major contributors to Sensex’s gains, up over a percent whereas TCS, Infosys and Wipro were under pressure.
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