Stock Market Highlights: Sensex ends 76 pts higher, Nifty tops 24,750; Gold scales fresh record
Indian benchmark indices, Sensex and Nifty, wrapped up Monday’s session in positive territory, driven by strength in auto and metal counters. Optimism over broad GST tax reductions, coupled with China’s steel reforms and firm expectations of a Federal Reserve rate cut this month, underpinned sentiment.
Closing Bell
The S&P BSE Sensex gained 76.54 points, or 0.09%, to close at 80,787.30.
The NSE Nifty 50 advanced 32.15 points, or 0.13%, to finish at 24,773.15.
Key Movers on the Sensex
Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Adani Ports, and Tata Steel led the advance, rising between 0.7% and 4%.
Sectoral Performance
The Nifty Metal Index added 0.4% after Morgan Stanley turned more constructive on Indian steelmakers, citing stronger demand, supply-side reforms in China, and a softer U.S. dollar.
The brokerage upgraded JSW Steel and Tata Steel to “overweight” from “equal weight,” and lifted SAIL to “equal weight” from “underweight.” Shares of these firms climbed 0.7%–3%.
Auto shares outperformed, with the sector index jumping 1.8%, boosted by Tata Motors and Mahindra & Mahindra, both surging 4% after cutting vehicle prices to pass on the GST benefits to buyers.
In the broader market, midcaps rose 0.5% while smallcaps edged up 0.2%.
Commodities
Gold scaled a new record high as investors weighed the likelihood of a U.S. Fed rate cut.
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