We had mentioned in our Wednesday’s market report that Nifty and Sensex were still on an uptrend. Today, the indices closed with sharp gains, most of which came during the second half of the trade session on Thursday after the Brexit uncertainty troubling the global markets seemed to have come to an end.
The media cited statements from British Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker according to which the UK and EU have agreed a new withdrawal deal. The breakthrough must still be accepted by EU leaders and then approved by the British Parliament.
The Sensex ended 453 points higher at 39,052.06 after it opened marginally higher at 38,647.44 while the Nifty ended at 11,586.35, up by 122 points or 1.07%.
Auto stocks gained the most after the Brexit deal. The Nifty auto index surged 3.13% led by Tata Motors, up 13.27%. Motherson Sumi Systems, TVS Motor Company and Eicher Motors were other top auto gainers.
It was the fifth consecutive session of gains for the Nifty as it closed almost at a one month high.
In corporate news, South Indian Bank has reported net sales of Rs2203.18 crores during the period ended 30th September 2019 up from Rs.1854.40 crores over the same period last year, while net profit was Rs84.48 crores as against Rs70.13 crores. The company has reported net sales of Rs.298.56 crores during the period ended September 30, 2019 as compared to Rs.274.83 crores during the period ended September 30, 2018. 3i Infotech has posted net profit of Rs13.35 crores for the period ended 30th September 2019 as against Rs.8.96 crores for the same period last year. Its net sales was Rs298.56 crores up from Rs274.83 crores.
TVS Motor Company has reported net sales of Rs4966.88 crores during the period ended 30th September 2019 as compared to Rs5468.75 crores while net profit was Rs.253.57 crores, up from Rs207.19 crores. Leading multiplex operator PVR Ltd has reported a huge jump in consolidated net sales of Rs979.40 crores during the period ended 30th September 2019 compared to Rs714.65 crores. Its net profit was Rs47.67 crores as against Rs35.39 crores.