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Nifty Ends higher, Auto Stocks Lead Gainers
Indian indices saw a more than 1 per cent rally for the second day in a row, with auto stocks leading the set of winners in trade.
The Nifty ended the day with gains of 121 points to cross the 10,500 points mark. Gains today were led by some of the auto stocks with Mahindra and Mahindra and HeroMoto Corp among the top winners from the Nifty space. Other stocks that ended the day higher from the Nifty were Titan, Infosys and Tata Steel.
Banking stocks, which had a stupendous rally on Wednesday were weak, with Axis Bank and ICICI Bank both falling in trade. In fact, the Bank Nifty ended the day with losses. However, there were no such worries for HDFC, which saw another 3 per cent gains for the second successive day. Brokerage firm Motilal Oswal has upgraded the stock to a buy.
Shares in Philips Carbon Black saw a spectacular rally of 12 per cent in trade today. It was the second successive day that the stock gained.
South Indian Bank its shares gain after Bloomberg News reported that has nominated Murali Ramakrishnan as its next CEO.
Meanwhile, most of the European markets were up on hopes of a vaccine for Covid-19 treatment.
