Closing Bell: Indian Market rebounds; Sensex ends higher by 488 points, Nifty hovers on 17,790 level.

Closing Bell: Indian Market rebounds; Sensex ends higher by 488 points, Nifty hovers on 17,790 level.
by 5paisa Research Team 07/10/2021

At the closing bell, the Sensex ended 488 points or 0.8% higher at 59,677.8 and the broader Nifty 50 benchmark was up by 144.4 points or 0.8% to settle at 17,790.4.

Domestic equity benchmarks Sensex and Nifty 50 started Thursday's session on a strong note tracking gains across global markets. Investors showed keen buying interest across sectors which was led by auto, metal, financial, and consumer durable shares. Gains witnessed in broader markets also aided investor sentiment, with the midcap and smallcap indices up 1.1% and 1.3% respectively in early trade.

At the closing bell, the Sensex ended 488 points or 0.8% higher at 59,677.8 and the broader Nifty 50 benchmark was up by 144.4 points or 0.8% to settle at 17,790.4. Around 2096 shares have advanced, whereas 1023 shares declined, and 119 shares remain unchanged.

On the sectoral front, all the indices ended the trading session in green, except BSE Telecom and BSE Oil & Gas. BSE Realty, BSE Consumer Durables and BSE Auto have rallied up to 6.03% in Thursday's trading session.

Among the top gainers on October 7, 2021, were Tata Motors, Titan Company, M&M, Eicher Motors and Maruti Suzuki.

Tata Motors today, surged to their highest levels in nearly four years after Morgan Stanley Research upgraded the stock on expectations of encouraging annual earnings from the Jaguar Land Rover parent.

The brokerage increased its rating on Tata Motors to overweight from equal-weight maintained since 2017. It expected the automaker's India business to post a full-year profit after eight years of losses.

The other big gainer on Thursday was Titan which rallied over 10% to hit a record high of Rs 2,384.25. This movement was triggered after the company informed exchanges that it witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions.

Tomorrow is the RBI's scheduled policy review.

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