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Sensex ends 113 points higher, Nifty above 10,500; Tata Motors tanks 5%


NEW DELHI: Key equity indices Nifty50 and Sensex extended their gains for the eighth consecutive session on Monday, the longest winning streak since November 2017, buoyed by gains in the select bank, financial, FMCG, IT and auto stocks.

While global cues remained mixed in the light of Syria crisis, domestic market chose to remain positive amid hopes of better earnings from bluechip companies.

The 50-share Nifty50 index closed the day 48 points, or 0.46 per cent up, at 10,528 with 34 stocks in the green.

The BSE Sensex rose 113 points, or 0.33 per cent, to close at 34,305 with 20 stocks advancing while 11 declining.

Broader BSE Midcap and smallcap indices too clocked gains, closing 0.34 per cent and 0.56 per cent up, respectively.

Hero MotoCorp, Kotak Mahindra Bank and Adani Ports climbed 2 per cent in the Sensex index, leading the pack of gainers.

However, Tata Motors and Infosys, the top two laggards of the index, closed 4.96 per cent and 3.10 per cent down, respectively.

Shares of Tata Motors fell after the company-owned Jaguar Land Rover indicated it was planning to cut jobs to scale back production at some of its UK sites.

Shares of Infosys declined as the company lowered its margin guidance to 22-24 per cent for FY19 from 23-25 per cent in FY18. The company gave FY19 revenue guidance of 6-8 per cent in constant currency terms and 7-9 per cent in dollar terms which just met Street expectations.

UCO Bank also figured among the losers, falling over 6 per cent on BSE, after the CBI booked its former CMD Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore.

On the other hand, pharma, FMCG and realty stocks, including Cipla, Britannia, Indiabulls Real Estate and DLF remained among the top gainers of the day.

Ashok Leyland, Britannia Industries, Escort, IndusInd Bank and Kotak Mahindra Bank figured among stocks that hit fresh 52-week highs on Monday.

European stocks were trading lower as investors remained wary of Syria crisis. However, Asian markets were mixed.

Source: Economic Times