After opening the day marginally higher, Indian share markets continued their momentum and ended their day on a positive note. All sectoral indices were trading in green with stocks in the realty sector, metal sector and power sector leading the gains.
At the closing bell, the BSE Sensex stood higher by 373 points (up 1%) and the NSE Nifty closed higher by 145 points (up 1.3%). The BSE Mid Cap index ended the day up by 1.9%, while the BSE Small Cap index ended the day up by 1.8%.
Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 1% and the Nikkei was trading up by 1.2%. The Shanghai Composite stood lower by 0.2%.
The rupee was trading at 71.97 to the US$ at the time of writing.
Stocks from the sugar space were witnessing buying interest today on news of government’s approval of hiking 25% hike in the price of ethanol produced directly from sugarcane juice for blending in petrol.
Rana Sugars share price, Uttam Sugar Mills share price, Simbhaoli Sugars share price and Kesar Enterprise share price were some of the stocks that rose up to 20% on the back of the above announcement.
Vedanta share price was also in focus today as the company announced discovery of natural gas in a Krishna Godavari basin block in the Bay of Bengal.
In the news from macroeconomic space, India’s fuel demand rose 0.8% in August as compared to the same month last year.
As per the data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, consumption of fuel, which is a proxy for oil demand, totalled 16.6 million tonnes.
Sales of gasoline, or petrol, were 7.8% higher from a year earlier at 2.36 million tonnes.
Cooking gas or liquefied petroleum gas (LPG) sales increased 2.8% to 2.11 million tonnes, while naphtha sales surged 1.1% to 1.09 million tonnes.
