Indian shares ended Thursday’s session on a strong note, tracking gains across global markets as investor concerns about a U.S. debt ceiling deal eased and the U.S. Treasury bond yields retreated further from the highest level since June ahead of U.S. non-farm payrolls data, due on Friday.
Also, anxiety over the energy price crunch eased after Russian president Vladimir Putin suggested that state-backed Gazprom could increase supplies to help Europe avoid a full-blown energy crisis.
The benchmark 30-share BSE Sensex ended the session up 488.10 points, or 0.82 percent, at 59,677.83 while the broader NSE Nifty index climbed 144.35 points, or 0.82 percent, to settle at 17,790.35.
Tata Group stocks were in focus, with Tata Motors surging 12.6 percent on reports that the company is in talks with Ford India for taking over their car manufacturing plant in Chennai.
Jewellery and watch maker Titan jumped 10.5 percent after saying it has witnessed a strong recovery in demand in the July-September quarter.
TCS advanced 2.3 percent amid expectations it will kick off the earnings seasons with strong growth numbers.
Automakers Eicher, Maruti Suzuki India and Mahindra & Mahindra gained 3-5 percent on hopes of business recovery.
On the losing side, ONGC slumped 4.5 percent as oil prices dipped for a second day running on data showing larger-than-expected rise in U.S. oil stockpiles.
Also, U.S. Energy Secretary indicated that a proposal to tap the Strategic Petroleum Reserve (SPR) to calm oil and motor fuel prices is under consideration.
Market Analysis
Sensex Soars 488 Points; Nifty Ends At 17,790
2021-10-07 10:45:21
