Indian shares recoup losses; Auto stocks advance

Indian shares recouped all their losses to close higher on Friday, helped by gains in auto stocks such as Hero MotoCorp and TVS Motor.

india trader
Reuters

Indian shares recouped all their losses to close higher on Friday, helped by gains in auto stocks such as Hero MotoCorp and TVS Motor.

The S&P BSE Sensex rose 0.27 percent to 32,325 while the broader NSE Nifty advanced 0.53 percent to 10,066.

Auto stocks such as Hero MotoCorp, Eicher Motors and TVS Motor gained between 2.3 percent and 3.3 percent.

The biggest losers were the healthcare stocks. Dr. Reddy's fell 3.8 percent, Aurobindo Pharma lost 2.2 percent while Sun Pharma declined 1.6 percent.

Biocon plunged 5 percent on getting 10 observations from U.S. Food and Drug Administration for Bangalore plant.

Housing Development & Infrastructure lost 9 percent after the National Company Law Tribunal admitted petition of insolvency proceedings against the company.

Tyre manufacturer Ceat declined 9 percent after its first-quarter net profit slumped about 98 percent.

Shares of Ramco Systems and Kokuyo Camlin slipped 5 percent and 10 percent, as the companies reported losses in the quarter ended June 30.

Among the gainers, Indian Oil Corp jumped 8 percent. The state-owned oil refiner reported a 45 percent fall in its first-quarter net profit, but beats analysts' estimates.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced.

Meanwhile, stocks in Asia inched up ahead of U.S. job data later in the day.

The Labor Department's closely watched employment report will probably show that non-farm payrolls increased by 183,000 jobs last month after surging 222,000 in June, according to a Reuters survey of economists.

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