Funds rally in auto stocks: Sensex ends initial surge by 37 points to 60978

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Local funds continued to buy stocks on the back of corporate results

Nifty Spot 18118 Steady: IT-Software stocks continue to pick up as FIIs/FPIs sell Rs 760 crore net

MUMBAI: Encouraging results in the third quarter corporate results season, including automobile giant Maruti Suzuki's, saw funds rally in the positive zone, led by auto stocks.

Local funds, domestic institutional investors kept buying incessantly against foreign portfolio investors' continued selling in stocks today along with auto stocks adding value to selected IT-software services, technology stocks and HDFC Twins stocks kept the bullish cycle moving. Of course, as the rupee depreciated by 33 paise to 81.72 against the US dollar, the index-based initial surge was finally washed away as Sensex, Nifty-based funds booked profits in other banking stocks as well as stocks including Larsen & Toubro, Tata Steel. The Sensex ended up 37.08 points at 60978.75 after an initial surge of 324.39 points and the Nifty spot closed down 0.25 points at 18118.30 after an initial surge of 82.70 points. On the international front again, despite the possibility of geopolitical tension due to friction between America and China on the issue of buying oil from Iran and cooperation with Russia, the Asian markets were closed for the Lunar New Year, while the Chinese markets were closed for the Lunar New Year, Japan's Tokyo stock market saw a positive factor recovery. European markets were modestly soft.


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