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Business News/ Market / Stock-market-news/  Sensex closes up 211 points at near 1-month high
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Sensex closes up 211 points at near 1-month high

Nifty crosses 8,000 in intra-day trade; automakers surge on hopes of better sales in the festive season

Sentiment was upbeat this week after the government introduced several reforms, among them lifting price controls on diesel and setting the stage for liberalization of the coal industry. Photo: Reuters Premium
Sentiment was upbeat this week after the government introduced several reforms, among them lifting price controls on diesel and setting the stage for liberalization of the coal industry. Photo: Reuters

Mumbai: Indian shares rose on Wednesday for a fourth straight session of gains, tracking stronger global markets and closing at their highest in nearly a month as automakers surged on hopes of better sales in the festive season.

The NSE index, Nifty, rose as much as 2.8% for the week, snapping a four-week losing streak and crossing the psychologically important 8,000 point level during the day. Indian markets will be closed on Thursday and Friday for holidays.

Sentiment was upbeat this week after the government introduced several reforms, among them lifting price controls on diesel and setting the stage for liberalization of the coal industry. Hopes for further steps gained currency after Prime Minister Narendra Modi’s party won two state elections.

“The sentiment is upbeat now. The reforms initiatives from the government is a positive sign. A record high is achievable in the next week," said Suresh Parmar, head, institutional equities at KJMC Capital Markets.

“Corporate earnings will be the key in the coming week to set the immediate trend."

Shares also tracked higher Asian markets after strong gains on Wall Street and hopes of fresh stimulus from the European Central Bank (ECB).

The benchmark BSE index closed 0.8% higher at 26,787.23 points, rising 2.6% for the week.

The broader NSE index rose 0.86% to close at 7,995.90.

Auto stocks led the gainers. Bikemaker Hero MotoCorp Ltd hit a record high on expectations of strong sales in the festive season before finishing up 4%.

Tata Motors Ltd closed up 3.5%, Bajaj Auto Ltd gained 3.4%, Maruti Suzuki India Ltd ended 3.4% higher and Mahindra and Mahindra Ltd closed up 2.58%.

Other blue-chips also gained on strong global cues. Reliance Industries Ltd rose 1.8%, while Larsen and Toubro Ltd closed up 2.59%.

Mining stocks advanced for the second day after the government promised to open up the coal industry to private players on Monday.

Jindal Steel and Power Ltd surged 10.17%, adding to its 7.3% gain on Tuesday, while Sesa Sterlite Ltd added 0.6%.

Shares in Dewan Housing Finance Corp. Ltd gained 8.5%, while Tata Metaliks Ltd closed up 17% after both their earnings beat market expectations.

Among stocks which fell, Biocon Ltd closed down 0.98% after its earnings missed estimates. Reuters

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Published: 22 Oct 2014, 10:17 AM IST
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