Bull run continues on bourses, auto stocks gain

Bulls continued to dominate the bourses on Wednesday despite mixed global cues amid uncertainty on US stimulus package and surging coronavirus cases.

The BSE S&P Sensex closed 304 points or 0.77 per cent higher at 39,879 while the Nifty 50 gained by 76 points or 0.66 per cent at 11,739.

Sectoral indices at the National Stock Exchange were mixed with Nifty auto ticking up by 1.4 per cent but metal and PSU bank dipping by 1.6 per cent and 1.2 per cent respectively.

Among stocks, Reliance Industries jumped by 2.2 per cent to Rs 2,259.40 per share after the announcement a day earlier that Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512 crore in its retail arm, becoming the latest marquee name to join a rush of global investors in the company.

Titan moved up by 4.2 per cent, ONGC by 1.8 per cent and Wipro by 1.6 per cent.

Auto stocks witnessed a smart rally with Bajaj Auto gaining by 3.6 per cent, Hero MotoCorp by 2.8 per cent, Maruti Suzuki by 2.3 per cent and Eicher Motors by 1.8 per cent.

However, Bajaj Finance dipped by 4 per cent to Rs 3,333 per share. Sun Pharma, Tata Steel, Hindalco, NTPC and Power Grid Corporation too traded with a negative bias.

Meanwhile, Asian stock markets edged higher and brushed off Wall Street's weaker finish which came after US President Donald Trump abruptly broke off economic stimulus negotiations with lawmakers.

He cancelled talks with Democrats in a tweet saying that negotiations will stop until after the election, when he promises a major stimulus bill.

Broad gains in Hong Kong lifted the Hang Seng by 0.94 per cent while Japan's Nikkei fell by 0.05 per cent. South Korea's Kospi was up by 0.89 per cent.

( With inputs from ANI )

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