Sensex rides on auto sales numbers, ends week on a high

TIL Desk/Business/Mumbai/ Stock markets today ended the week with a positive spin after strong auto sales and encouraging August manufacturing data helped investors put behind the disappointing GDP numbers. Strengthening for the third day, the benchmark Sensex went up 162 points to end at 31,892.23, a three-week high, while the Nifty closed short of 10,000.

It was eighth weekly gain in nine for both the Sensex and the Nifty, surging 296.17 points, or 0.93 per cent, and 117.35 points, or 1.19 per cent, respectively. Automobile manufacturers led by Maruti Suzuki posted good passenger vehicles (PV) sales growth in August riding on strong consumer sentiment ahead of the festive season.

In a related development, the Nikkei Markit India manufacturing PMI rebounded to 51.2 in August from a low of 47.9 in the previous month, signalling a turnaround from July’s GST-related contraction. Right from the word go, the 30-share BSE index remained above the base line till the very close as it settled up 161.74 points, or 0.51 per cent, at 31,892.23 — a level last seen on August 8.

The NSE Nifty too ended on a high, up 56.50 points, or 0.57 per cent, at 9,974.40 after shuttling between 9,983.45 and 9,909.85 during the day.