Mumbai March 28 (IANS) Positive global cues along with massive inflow of foreign funds and value buying lifted the Indian equity markets on Tuesday.
The key indices closed with gains of over half a per cent each as healthy buying was witnessed in banking automobile and consumer durables stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) reclaimed the 9 100-mark. It rose by 55.60 points or 0.61 per cent to close at 9 100.80 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 29 301.22 points closed at 29 409.52 points -- up 172.37 points or 0.59 per cent from the previous close at 29 237.15 points.
The Sensex touched a high of 29 442.18 points and a low of 29 301.22 points during the intra-day trade.
The BSE market breadth was marginally tilted in favour of the bulls -- with 1 439 advances and 1 403 declines.
In terms of the broader markets the S&P BSE mid-cap index rose by 0.72 per cent and the small-cap index edged higher by 0.58 per cent.
Markets ended higher today after the sharp fall seen on Monday with financials leading the gains. The sell-off stemming from the recent US policy uncertainty seemed to have abated Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets too ended on a positive note barring the Shanghai index. European indices like FTSE 100 CAC 40 and DAX traded higher.
Anand James Chief Market Strategist Geojit Financial Services said: Value buying helped the indices to march ahead with banks continuing to lead ahead of the RBI s monetary policy statement next week.
Roll-overs in the Nifty were also seen at hectic pace and was seen above six months average as the F&O (futures and options) derivatives expiry approached. Global cues will now gain prominence with Brexit being triggered today and with next week thick with US economic data.
The day witnessed a huge influx of funds from foreign institutional investors (FIIs). Provisional data with exchanges showed that FIIs purchased stocks worth Rs 6 415.38 crore whereas the domestic institutional investors (DIIs) divested scrip worth Rs 356.23 crore.
The currency market was closed on Tuesday on account of Gudhi Padwa.
According to Dhruv Desai Director and Chief Operating Officer of Tradebulls short covering was seen during the day which kept the market sentiments firm throughout the session.
However some selling pressure at higher levels limited the upside.
Commenting on sector-specific movement Desai said: Banking sector stocks witnessed good buying support from traders while strong buying was seen in power textile and FMCG sector stocks.
Sector-wise the S&P BSE banking index surged by 187.89 points followed by the automobile index which rose by 169.17 points and the consumer durables index which edged up by 111.05 points.
On the other hand the S&P BSE oil and gas index fell by 33.13 points the energy index was down by 9.93 points and the realty index was a tad lower by 5.57 points.
Major Sensex gainers on Tuesday were: Axis Bank up 3.23 per cent at Rs 502.95; HDFC up 1.97 per cent at Rs 1 503.80; Tata Motors up 1.48 per cent at Rs 472.40; Asian Paints up 1.32 per cent at Rs 1 057.65; and ICICI Bank up 1.26 per cent at Rs 276.95.
Major Sensex losers were: ONGC down 1.08 per cent at Rs 187.15; ITC down 0.50 per cent at Rs 280.50; Lupin down 0.45 per cent at Rs 1 456.50; Reliance Industries down 0.41 per cent at Rs 1 245.65; and Coal India down 0.33 per cent at Rs 290.95.
--IANS
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Positive global cues, inflows of funds lift Indian equities (Roundup)
