Mumbai March 30 (IANS) Amid volatility on the day of the March 2017 derivatives contract expiry Indian equity markets closed on a bullish note for the third consecutive trade session on Thursday.
On expiry of March 2017 series contracts in the futures and options (F&O) segment healthy roll-overs were witnessed to April 2017 series which uplifted investors sentiments.
Besides the passage of the Goods and Services Tax Bill 2017 -- a major tax reform in the country continuous inflow of funds and healthy buying in consumer durables banking and capital goods sectors aided the key indices to hold on to their gains.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was up 29.95 points or 0.33 per cent at 9 173.75 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 29 538.03 points closed at 29 647.42 points -- up 115.99 points or 0.39 per cent from the previous close at 29 531.43 points.
The Sensex touched a high of 29 684.54 points and a low of 29 521.65 points during the intra-day trade.
The BSE market breadth was bullish -- with 1 729 advances and 999 declines.
In terms of the broader markets the S&P BSE mid-cap index was up 0.39 per cent and the small-cap index edged higher by 0.95 per cent.
March derivative series rollover pulled up the market which already had favourable fundamental push behind it. Fund flows continued to be strong despite expectation that there could be withdrawal on account of the taxation treaty signed by the Indian government with Singapore and Mauritius Vijay Singhania founder and Director of brokerage firm Trade Smart Online told IANS.
Continuous inflow of foreign money has caused the rupee to strengthen. Rupee traded at 64.94 below the psychologically important 65-mark.
On the currency front the Indian rupee closed on a flat note at 64.92 against a US dollar from its previous close of 64.90-91 to a greenback.
The day witnessed substantial buying activities by the domestic institutional investors (DIIs). Provisional data with exchanges showed that DIIs bought scrip worth Rs 1 701.79 crore while foreign institutional investors (FIIs) purchased stocks worth Rs 67.97 crore.
Anand James Chief Market Strategist Geojit Financial Services said: Banking stocks continued to outperform with realty (stocks) also following suit on consideration of rationalisation of waiver of stamp duty for affordable housing projects.
According to Dhruv Desai Director and Chief Operating Officer of Tradebulls the equity markets witnessed a firm trend throughout the session and bulls took good control of the benchmark CNX Nifty index mainly due to continuation of strong buying.
Commenting on sector-specific movement Desai said: IT sector stocks faced resistance at higher levels due to profit booking. Banking stocks remained volatile on higher levels profit booking.
Pharma auto textile media-entertainment aviation sector stocks and most FMCG sector stocks traded with firm sentiments.
Sector-wise the S&P BSE consumer durables index surged by 206.17 points followed by the banking index which rose by 199.08 points and the capital goods index which edged up by 89.02 points.
On the other hand the S&P BSE metal index fell by 30.80 points the IT index slipped by 23.50 points and the Teck (technology media and entertainment) index was a tad lower by 4.57 points.
Major Sensex gainers on Thursday were: Adani Ports up 5.77 per cent at Rs 338.85; HDFC Bank up 2.51 per cent at Rs 1 463.75; Bharti Airtel up 1.67 per cent at Rs 350.65; Gail up 1.27 per cent at Rs 378.45; and Reliance Industries up 1.17 per cent at Rs 1 269.35.
Major Sensex losers were: ONGC down 1.34 per cent at Rs 184.45; Coal India down 1.33 per cent at Rs 290.15; Tata Steel down 1.08 per cent at Rs 478.15; Axis Bank down 0.97 per cent at Rs 499.05; and Infosys down 0.66 per cent at Rs 1 024.50.
--IANS
ppg/vt
Indian equities close higher on derivatives expiry day (Roundup)
