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Rediff.com  » Business » Sensex recovers by 172 points, Nifty ends at 9,100 on positive global cues

Sensex recovers by 172 points, Nifty ends at 9,100 on positive global cues

Last updated on: March 28, 2017 18:34 IST

Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.

The benchmark indices settled higher tracking positive trend seen in Asian and global markets after investors dismissed concerns over US President Donald Trump's ability to ability to push his agenda.

The S&P BSE Sensex ended at 29,409, up 172 points, while the broader Nifty50 closed at 9,100, up 55 points.

Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.

The market breadth, indicating the overall health of the market, was neutral. On BSE, 1,445 shares rose and 1,401 shares fell. A total of 208 shares were unchanged.

"Value buying helped indices to march ahead, with banks continuing to lead ahead of RBI’s monetary policy statement next week. Rollovers in Nifty were also seen at hectic pace and was seen above six months’ average as F&O derivative expiry approached. Global cues will now gain prominence with Brexit being triggered today, and with next week thick with US economic data,” said Anand James, chief market strategist, Geojit Financial Services.

Sectors and stocks

Nifty Media index (up 1.7%) was the leading sectoral gainer, followed by Nifty Fin Services (up 1.2%). Nifty Auto and Nifty Bank gained 0.8% each.

Axis Bank ended 3.4% higher at Rs 504 after the private sector bank informed the bourses that it has raised senior notes in the international market. The stock was the top Sensex gainer.

Telecom tower company Bharti Infratel surged nearly 4% in intraday trade after the global private equity investor KKR & Co LP and Canada Pension Plan Investment Board bought a 10.3% stake in the company for more than Rs 61.9 billion.

Dishman Pharma soared as much as 20% to an all-time high after company's partner Tesaro Inc got the US Food and Drug Administration's nod for an ovarian cancer drug.

Great Eastern Shipping Company surged as much as 4.65% to Rs 409 in intraday trade after the company said it has taken delivery of Secondhand Suezmax crude carrier.

Arun Jaitley briefs MPs about GST bills

Meanwhile, the Finance Minister Arun Jaitley on Tuesday briefed lawmakers about the four GST Bills - Central GST, Integrated GST, Union Territory GST and the Compensation Law - introduced in Lok Sabha which will be taken up for consideration on Wednesday.

"The finance minister in detail briefed the party MPs about all the four Goods and Service Tax (GST) Bills and said these legislations are based on the principle of shared sovereignty," Parliamentary Affairs Minister Ananth Kumar said, adding they were drafted after detailed discussions in the GST council which comprises all states.

Global markets

European markets opened higher today. The Stoxx 600 was up 0.3%, while Germany’s DAX gained 0.5%. France’s CAC 40 was little changed, while Britain’s FTSE 100 ticked up by 0.1%.

Asian markets recovered after a positive trade on Wall Street. Japan’s Nikkei gained over 1%, Hong Kong’s Hang Seng index was up 0.6%, while China’s Shanghai Composite bucked the trend to lose 0.4%.

US stock futures were up 0.1%.

SI Reporter in New Delhi
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