Indian shares ended with over 4% gains on Thursday, as value-buying emerged in shares of auto companies, which have been the worst-hit in the Covid-19 induced lockdown. Meanwhile, Positive global shares kept sentiments higher. The BSE Sensex closed 4.23% or 1,265.66 points higher at 31,159.62 and the Nifty50 index settled 363.15 points or 4.15% higher at 9,111.90.
Indian markets opened higher today tracking positive global cues and extended gains after auto stocks along with pharma shares witnessed buying. The auto sub-index of NSE -- Nifty Auto -- settled 10.41% higher led by gains in M&M, Maruti Suzuki and Tata Motors. Analysts say auto stocks look attractive at current levels as they are less leveraged and down-side risk is limited. Nifty Pharma, the pharma sub-index of NSE settled 4.62% higher.
Among Nifty stocks, Mahindra & Mahindra was the top gainer, up 16.73% followed by Maruti Suzuki and Cipla, which added 12.16% and 12.96% respectively. Titan Company, Bajaj Finance, Here Motocorp, HDFC, Vedanta, Bajaj Auto and JSW Steel were the other prominent gainers in the Nifty rising between 7.41%-11.11%.
Meanwhile, HUL witnessed profit booking after the recent rally and fell 3.60% to close at 2,372.25. It was the top loser in Nifty followed by Tech Mahindra, Dr Reddy's Lab and UPL, which fell between 0.37%-2.44%. India VIX or the fear gauge fell 4.79% to close at 49.74.
The Indian rupee settled 6 paise higher at 76.28 against the US dollar on Thursday tracking higher equities. The local unit had settled at an all-time low of 76.34 against the greenback on Wednesday.