Indian auto, pharma stocks power shares up for fourth straight day

Gland Pharma

16/02/2024 08:08

** India's benchmark indices NSE Nifty 50  .NSEI  up 0.7%,
while S&P BSE Sensex  .BSESN  up 0.6%
    ** Auto stocks  .NIFTYAUTO  jump 2.3%, led by Mahindra &
Mahindra  MAHM.NS , as post-results rally extends and on
electric vehicle parts supply deal with Volkswagen
    ** Other auto heavyweights Tata Motors  TAMO.NS , Maruti
Suzuki  MRTI.NS , and Bajaj Auto  BAJA.NS  up between 2% and
3.3%
    ** Pharma stocks  .NIPHARM  up 1.6%, helped by strong
earnings outlook and commentary by constituents like Glenmark
Pharma  GLEN.NS , Natco Pharma  NATP.NS  
    ** Jefferies raises Bharat Petroleum  BPCL.NS  PT to
street-high 890 rupees; says state-owned oil refiner to benefit
most from normalised marketing margins; stock up 1.5%
    ** Kotak, however, says most sectors barring financials
"overvalued," with street's euphoria backed by "superficial
narratives" instead of fundamentals
    ** Nifty 50 and Sensex up for fourth straight session, and
up about 1.2% for the week, including the session's gains


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))