Nifty Edges Higher, Auto Stocks Shine

BSE Sensex and Nifty ended flat today but the broader markets saw strong buying action. The BSE Sensex ended marginally lower at 28,442 while Nifty rose 13 points to 8,537.

The BSE midcap and smallcap indices however rose nearly 1.5 per cent.

Auto stocks outperformed, with the BSE sub-index rising over 1 per cent on strong November sales. Maruti Suzuki, India's biggest car maker, rose over 1 per cent while M&M rebounded over 1.7 per cent after two days of losses.

IT and FMCG stocks saw some selling pressure. ITC, which has the biggest weightage on the Nifty, fell 0.7 per cent. Among IT stocks, TCS and Infosys declined. Sentiment weakened in the IT stocks following the sharp depreciation of major global currencies against the dollar.

Metal counter JSPL rose over 8 per cent to be the biggest gainer among Nifty stocks. ONGC rebounded over 3 per cent after suffering losses in the previous five sessions.

In broader markets, insurance companies saw buying interest on reports that the Insurance Bill might be passed in the current session of Parliament. Max India rallied 6 per cent, while Reliance Capital surged over 3 per cent.