Sensex ends up 259 points; Nifty at 8,288 mark; Banking stock gainers
After facing pressure from Brexit, Auto stocks have just stunned the Indian market. Volatility has been healthy led by positive views on Indian economy and upcoming opportunities from 7th Pay Commission. The auto index was trading at 19,707.07 up 234.06 points. It opened 150 points above at 19,615.49 from its previous closing of 19,473.01. The companies having their operations in UK were among the top gainers, involving Motherson Sumi at Rs. 285.85 up 3.16% and Tata Motors jumping by 2.48% at Rs. 458.20. Hero Motocorp, Bajaj Auto and Maruti Suzuki were all trading marginally up at Rs. 3,185.50, Rs. 2,678.05 and Rs. 4,175.55.
Banking stocks were major gainers after 7th Pay Commission announcement. Private banks were on top spot with Axis Bank trading at Rs.531.95 up 2.82%, followed by Yes Bank at Rs. 1,101.15 surging 2.58%, ICICI Bank gaining 1.90% at Rs. 241. Federal Bank and Kotak Mahindra Bank both trading marginally up at Rs. 57.20 and Rs. 763.50 respectively. Key PSUs were also positive involving State Bank of India, Punjab National Bank and Bank of Baroda trading in the range of 0.45% - 1.20%.