Mumbai March 26 (IANS) Positive cues from the European markets along with healthy buying in banking consumer durables auto and metal stocks pushed the key Indian equity indices higher on Monday.
According to market observers positive global cues on the prospects of easing trade war fears along with short-covering ahead of March derivatives expiry added to the upward trajectory of the key indices.
The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10 100 mark. On a closing basis the index edged higher by 132.60 points or 1.33 per cent to 10 130.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33 000 mark and closed at 33 066.41 points -- up 469.87 points or 1.44 per cent from the previous session s close.
However the BSE market breadth was bearish with 1 573 declines and 1 184 advances.
"Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets " Deepak Jasani Head - Retail Research HDFC Securities told IANS.
"Broad market indices like the BSE mid-cap and small-cap indices gained less thereby underperforming the main indices " he said.
In terms of the broader markets the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.
According to Gaurav Jain Director Hem Securities short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10 000 mark on Monday.
"Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants " Jain told IANS.
"Today s gains were led by buying witnessed in banking stocks especially PSU banks and consumer durables " he added.
Sector-wise the S&P BSE banking index surged by 608.79 points followed by consumer durables index by 485.67 points and metal index by 297.10 points.
On the other hand the S&P BSE IT index declined by 82.24 points oil and gas index by 45.54 points and Teck (technology media and entertainment) index by 4.95 points.
On the currency front the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.
In terms of investments provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore while the domestic institutional investors purchased stocks worth Rs 2 017.95 crore.
Major Sensex gainers on Monday were: Yes Bank up 5.67 per cent at Rs 302.95; State Bank of India up 5.01 per cent at Rs 246.35; HDFC Bank up 2.91 per cent at Rs 1 893.15; Tata Steel up 2.80 per cent at Rs 582.45; and HDFC up 2.66 per cent at Rs 1 832.60.
The Sensex losers were: Wipro down 3.96 per cent at Rs 273.90; Infosys down 1.13 per cent at Rs 1 154.30; Tata Motors (DVR) down 0.48 per cent at Rs 185.75; Tata Consultancy Services down 0.12 per cent at Rs 2 813.05; and NTPC down 0.03 per cent at Rs 170.10.
--IANS
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