Mumbai April 3 (IANS) Despite volatility in the global markets the key Indian equity indices closed Tuesday s rangebound trade session with appreciable gains led by healthy buying in banking auto oil and gas and healthcare stocks.
According to market observers banking stocks got a fillip after the Reserve Bank of India (RBI) on Monday allowed banks to spread bond losses over four quarters which also led to an upsurge in the benchmark indices during the closing hour of trade.
On Tuseday the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 33.20 points or 0.33 per cent to close at 10 245 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 33 370.63 points -- up 115.27 points or 0.35 per cent from its previous session s close.
The BSE market breadth was bullish with 1 848 advances and 798 declines.
In terms of the broader markets the S&P BSE mid-cap index was up 0.92 points and the small-cap index up 1.35 points.
"Markets moved up further on Tuesday to end with modest gains for the second consecutive session. The Nifty in the process closed above the immediate resistances of 10 227 despite weak global cues " Deepak Jasani Head - Retail Research HDFC Securities told IANS.
"Major Asian markets closed on a negative note. European indices like FTSE 100 DAX and CAC 40 traded in the red " he added.
On the currency front the Indian rupee strengthened by around 16 paise to close at 65.02 against the US dollar from Wednesday s close at 65.18.
In terms of investments provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 376.51 crore while the domestic institutional investors purchased stocks worth Rs 479.18 crore.
Vinod Nair Head of Research Geojit Financial Services said: "Market traded rangebound throughout the day due to volatility in the global market. But towards the close pace picked-up supported by moderation in yield and growth in core sector."
Official data released post market hours on Monday showed that the Index of Eight Core Industries (ECI) -- which represents the output of major sectors like coal steel cement and electricity -- rose by 5.3 per cent last month compared to an increase of 6.1 per cent in January.
However on an year-on-year basis the ECI showed an uptrend. It had inched up by 0.6 per cent in the corresponding month of 2017.
"Yield declined amid central bank allowing the banks to spread their bond trading losses which gave a positive sentiment to banking stocks. On the other hand investors are gradually shifting focus to upcoming Q4 (fourth quarter) results and RBI policy outcome which will dictate the market outlook in the near term " said Nair.
Sector-wise the S&P BSE banking index rose by 293.63 points followed by auto index by 208.09 points and oil and gas index by 90.98 points.
On the other hand the S&P BSE consumer durables index fell by 135.26 points IT index by 29.60 points and Teck (media entertainment and technology) index by 5.31 points.
Major Sensex gainers on Tuesday were: ICICI Bank up 2.94 per cent at Rs 269.60; Mahindra and Mahindra up 2.92 per cent at Rs 769.40; Tata Motors (DVR) up 2.22 per cent at Rs 193.40; Yes Bank up 2.11 per cent at Rs 312.65; and Power Grid up 1.90 per cent at Rs 198.40.
The Sensex losers were: Wipro down 2.02 per cent at Rs 283.90; ONGC down 1.28 per cent at Rs 177.70; Adani Ports down 0.86 per cent at Rs 366.80; HDFC Bank down 0.74 per cent at Rs 1 916.10; and Bajaj Auto down 0.60 per cent at Rs 2 791.75.
--IANS
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