Sensex Gains Over 300 Points; TCS Bucks Trend As IT Stocks Fall (October 7)

Stock Market Updates: Gains in auto, energy and select financial stocks pushed the markets higher

Domestic share markets rebounded after initial losses on Wednesday tracking Asian equities, which climbed to the highest level in two weeks. The S&P BSE Sensex index rose 368.74 points – or 0.93 per cent – to touch 39,943.31 at the strongest level recorded during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 11,751.50, up 89.1 points – or 0.76 per cent – from its previous close. Gains in auto, energy and select financial stocks pushed the markets higher, but losses in IT shares limited the upside. (Track Sensex, Nifty)

At 1:22 pm, the Sensex traded 309.26 points – or 0.78 per cent – higher at 39,883.83, and the Nifty was up 75.90 points – or 0.65 per cent – at 11,738.30.

Titan, Reliance Industries, Bajaj Auto, UltraTech Cement and

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Nissan Bucks Buoyant Trend in Third Quarter: Auto Sales Update

(Bloomberg) — Auto sales are recovering from the pandemic-induced slump earlier this year, with third-quarter deliveries beating expectations as consumers ditch shared rides for their own vehicles and seize on cheaper borrowing costs.

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General Motors Co., Fiat Chrysler Automobiles NV and Toyota Motor Corp. all reported better-than-expected results for the quarter. Nissan Motor Co. bucked the trend, extending a longterm slump and missing a consensus forecast.

Surging demand from retail customers offset a sharp drop in fleet sales to troubled rental-car companies. Total new light-duty vehicle sales probably ran at a seasonally adjusted annualized rate of 15.7 million in September, down 1.6 million from a year ago, according to researcher J.D. Power.

“While the economy has made a substantial rebound in the third quarter, retail auto sales have been even more resilient,” GM Chief Economist Elaine Buckberg said in a statement. “Super low auto-loan interest rates have boosted

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route mobile shares: Market Movers: IT, banks in free fall, Route Mobile bucks trend; 229 stocks turn oversold

MUMBAI: Bears ruled the bourses on Thursday, as a steep selloff in IT and banking stocks dragged benchmark indices down for the sixth day in a row amid the expiry of monthly derivative contracts, with Nifty forming a long bear candle, implying there was no respite in sight at this juncture.

IT stocks, which had been resilient so far in this market correction, could not hold up and logged sharp declines, in a session that saw Sensex tumbling 1,114.82 points to 36,554 points, while peer Nifty nosedived 326 points to 10,806 points.

Leading software exporters Tata Consultancy Services (TCS) and Infosys tumbled after recording new highs earlier in the week.

Auto and banking stocks were in freefall, while debutant of the week Route Mobile bucked the trend and continued its journey northwards.

Going ahead, the weakness in the market is likely to persist.

Ajit Mishra, VP – Research, Religare Broking,

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