Sensex, Nifty gain over 1%; auto, durables stocks surge

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In the global markets, Asian shares hovered near two-month lows on Thursday as softer oil and copper prices and uncertainty over USA policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off. This is also the benchmark's highest closing since November 30, when it had finished at 33149.35. The broader index ended up 122.60 points, or 1.22%, to close at 10166.70 after shuttling between 10182.65 and 10061.90.

Interest-sensitive stocks took a beating, dragging the BSE banking index down by 0.49 percent.

The stocks of state-run oil marketing companies such as like Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Indian Oil Corporation recorded gains of up to 1.83% after global crude prices dropped by almost 3% to trade below $63 a barrel.

Major gainers on the Nifty were: UPL (+1.81%), Tata Motors (+1.79%), Bharti Airtel (+1.42%), Adani Ports (+1.31%) and IndusInd Bank (+1.31%).

U.S. giant Ford mulls 'car ATM' in China
Consumers could use the vending machine with an app, choosing to either immediately buy one of the vehicles or test drive one. The direct sales model couldn't work in the US due to a strong auto dealer network with a decent amount of political power.

The Reserve Bank's two-day monetary policy review kicked off on Tuesday.

Among the BSE sectoral indices, power fell 1.06%, followed by metal 0.85%, capital goods 0.62%, consumer durables 0.61%, infra 0.56%, auto 0.52% and IT 0.38%.

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here. Australian stocks put on 0.3 percent while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent. Hong Kong's Hang Seng was up 0.10 per cent while Japan's Nikkei gained 1.27 per cent in early trade today. London's FTSE too fell 0.16 percent.

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