Mumbai, Sep 4 (IANS) Indian markets on Wednesday finished higher in line with gains in the global market. PSU Banks and metal stocks led the Sensex to gain 162 points to reach 36,724.74. The broader Nifty also jumped by 46.75 to 10,844.65.
Global markets gained over Hong Kong’s announcement of the withdrawal of an extradition bill that had caused months of unrest and growth in China’s service sector along with the overall pressure on the economy owing to the trade tension with the US.
“Today, number of FMCG stocks closed lower against the rise in metals and banks that could be a big positive for the market as it implies that investors are ready to shift from defensive sector to high risk sectors or investors are ready to handle risk in the market,” said Shrikant S. Chouhan, Senior Vice President, Kotak Securities.
Shares of Maruti Suzuki closed over 4 per cent lower after the country’s largest car manufacturer said it has decided to shut down production of passenger vehicles in Gurugram and Manesar plants in Haryana for two days.
Maruti Suzuki India had reported a 33.99 per cent decline in production in August at 111,370 vehicles against 168,725 produced in the year-ago month.
Foreign Institutional Investors (FPIs) continued to selling India stocks despite the roll back of the tax surcharge. FIIs offloaded stocks worth Rs 1,738.49 crore. Domestic Institutional Investors(DIIs) bought Rs 1,304.58 crore worth of scrips.