Mumbai March 29 (IANS) Indian equity markets extended gains for the second consecutive trade session on Wednesday following positive global cues a strong rupee and inflow of funds.
The key indices closed with gains of close to half a per cent each as healthy buying was witnessed in banking capital goods and consumer durables stocks.
Besides the market sentiments were lifted as Finance Minister Arun Jaitley moved the Central Goods and Services Tax (CGST) Bill 2017 along with three other GST Bills for consideration of and passage by the Lok Sabha.
However with the near month March 2017 derivatives contract expiry on Thursday some caution prevailed in the equity markets.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) retained its stay in the 9 100-plus region and rose by 43 points or 0.47 per cent to 9 143.80 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 29 463.01 points closed at 29 531.43 points -- up 121.91 points or 0.41 per cent from the previous close at 29 409.52 points.
The Sensex touched a high of 29 535.04 points and a low of 29 439.42 points during the intra-day trade.
In contrast the BSE market breadth was bearish -- with 1 188 advances and 1 666 declines.
The broader markets underperformed the benchmark indices. The S&P BSE mid-cap index was up 0.14 per cent and the small-cap index edged higher by 0.31 per cent.
Markets ended higher on Wednesday for the second consecutive session. Positive US consumer confidence data rekindled optimism across Asian markets Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets have ended on a positive note barring the Shanghai and Taiwan indices. European indices like CAC 40 and DAX too traded higher.
According to Vijay Singhania founder and Director of brokerage firm Trade Smart Online the equity markets were range bound a day before the roll-over of the derivative segment.
The highlight for the day was an all-time high of the NSE Bank Nifty which touched the previous day high of 21 336 and closed the day at 21 391 its highest level ever Singhania asserted.
The automobile sector was in for a shock after the Supreme Court banned vehicles which did not meet the BS III (Bharat Stage emission III) standards. The industry is expected to take a hit of around Rs 30 000 crore on account of the judgement.
On the currency front the Indian rupee strengthened by 14-15 paise to 64.90-91 against a US dollar from its previous close of 65.04 on Monday. It had during early morning trade broke the 65-mark and touched a 17-month high since October 2015.
The day witnessed substantial buying activities by the domestic institutional investors (DIIs). Provisional data with exchanges showed that DIIs bought scrip worth Rs 1 283.03 crore while foreign institutional investors (FIIs) purchased stocks worth Rs 460.98 crore.
Commenting on sector-specific movement Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS: Pharma sector stocks witnessed profit booking at higher levels. Cement and power sector stocks witnessed strong up-move while mixed trade was seen in auto sector stocks.
Sector-wise the S&P BSE consumer durables index surged by 189.55 points followed by the banking index which rose by 188.89 points and the capital goods index which edged up by 123.36 points.
On the other hand the S&P BSE automobile index plunged by 107.81 points the healthcare index fell by 77.49 points and the realty index was a tad lower by 8.97 points.
Major Sensex gainers on Wednesday were: State Bank of India (SBI) up 1.98 per cent at Rs 287.75; ICICI Bank up 1.81 per cent at Rs 281.95; Bharti Airtel up 1.25 per cent at Rs 344.90; Hindustan Unilever up 1.07 per cent at Rs 912.20; and Coal India up 1.07 per cent at Rs 294.05.
Major Sensex losers were: Hero MotoCorp down 3.15 per cent at Rs 3 223.25; Sun Pharma down 1.42 per cent at Rs 688.60; Tata Motors down 0.70 per cent at Rs 469.10; Mahindra and Mahindra (M&M) down 0.66 per cent at Rs 1 268.20; and Maruti Suzuki down 0.58 per cent at Rs 5 941.
--IANS
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Equities rise on positive global cues, strong rupee (Roundup)
