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Closing Bell: Sensex, Nifty end higher led by auto, IT stocks; Bharti Airtel surges 7%

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Indian shares trimmed early losses to end higher on Friday led by value buying in auto and IT stocks. Index heavyweights HDFC, Bharti Airtel, Infosys, TCS, and Asian Paints were the top contributors to the indices.

Closing Bell: Sensex, Nifty end higher led by auto, IT stocks; Bharti Airtel surges 7%
Indian shares trimmed early losses to end higher on Friday amid value buying in auto and IT stocks. Index heavyweights HDFC, Bharti Airtel, Infosys, TCS, and Asian Paints were the top contributors to the indices.
The sentiment was revived after a government official told CNBC-TV18 that the Prime Minister's Office (PMO) and the finance ministry are in talks over the foreign portfolio investments surcharge issue.
The Sensex ended 100 points higher at 37,118 while the broader Nifty50 index added 17 points to end the day at 10,997. In broader markets, the Nifty Midcap and Nifty Smallcap index slipped 0.3 percent each.
Meanwhile, global markets remained subdued after US President Donald Trump fired his latest trade war salvo at China, jolting markets and sparking a frenzied bid for safe-haven assets.
Bharti Airtel, Asian Paints, Eicher Motors Bajaj Auto, and Maruti Suzuki were top gainers on the Nifty50 while Indiabulls Housing, Tata Steel, SBI, Coal India, and Wipro led the losses.
Sectoral indices ended mixed for the day. The Nifty Auto index rose the most, up 1.1 percent, followed by Nifty IT, up 0.6 percent. Meanwhile, The Nifty Metal index fell the most, down 1.9 percent, followed by Nifty Media which was down 1.4 percent. Nifty PSU Bank declined 1 percent and Nifty Bank fell 0.6 percent for the day.
Bharti Airtel rose 7 percent after brokerages remained positive on the telecom operator despite widening losses in the June quarter. The telecom operator reported an improved margin and industry-best average revenue per user for the June quarter (Q1FY20).
Ashok Leyland slipped over 6 percent after the auto major reported subdued July sales and disappointing numbers for the quarter ended June 30. The second-largest automaker of the country reported a massive 40.7 percent year-on-year fall in consolidated net profit at Rs 275 crore.
JK Tyre & Industries slumped over 14 percent after the tyre-maker reported a 76.7 percent slump in its consolidated net profit for the first quarter ended June 30.
Shares of Coffee Day Enterprises were locked at its lower circuit for the fourth consecutive day over concerns about the company's debt levels, post the sudden demise of founder VG Siddhartha.
Globally, MSCI’s index of world stocks dropped 0.6 percent as Asian bourses nursed heavy losses. Japan’s Nikkei fell 2.1 percent, Hong Kong slumped 2.5 percent and China mainland stocks declined around 1.5 percent.
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