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The BSE Sensex fell 33 points, or 0.04%, to settle at 84,266, while the NSE Nifty dropped 14 points, or 0.05%, to close at 25,797.
From the Sensex pack, Tech Mahindra, M&M, Kotak Mahindra Bank, Infosys, SBI, and HCL Tech were the top gainers, rising 1-3%. On the downside, IndusInd Bank, Asian Paints, HUL, Tata Motors, Tata Steel, and Titan ended in the red.
The Nifty IT index surged 1.2%, driven by a 3% jump in Tech Mahindra following an upgrade by brokerage CLSA.
Positive comments from US Federal Reserve Chair Jerome Powell on the strength of the US economy boosted interest in IT stocks, as Indian IT firms derive a significant portion of their revenue from the US.
On Monday, Powell indicated that the U.S. central bank was not in a rush to implement aggressive rate cuts, as new data reinforced confidence in economic growth and consumer spending.Nifty Auto index also closed higher, led by 2.4% rise in M&M after the company reported a 16% growth in its auto sales for September month and a 24% growth in its sale of SUVs.The market breadth was skewed in the favour of the bulls. About 2,301 stocks gained, 1,663 declined, and 90 remained unchanged on the BSE.
Stock markets will be closed on Wednesday, October 2 on account of Gandhi Jayanti.
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