Mumbai, March 9 (IANS) After extremely volatile trading on Wednesday, key Indian equity market indices ended the day on a positive note for the sixth session in a row putting aside weak global cues.
A benchmark index for Indian equities, the sensitive index (Sensex) of the BSE, which opened at 24,527.27 points, closed at 24,793.96 points — up 134.73 points, or 0.55 percent over the previous day’s close at 24,659.23 points. It touched a high of 24,820.76 points and a low of 24,451.60 points in the day’s trade.
The wider Nifty of the National Stock Exchange closed 46.50 points or 0.62 percent higher at 7,531.80 points.
“The domestic market pares the early losses in spite of headwinds from the Chinese economy. The market continues to remain near its important resistance level. We expect European Central Bank and Fed policy meet could be the next triggers to breach the important level,” said Vinod Nair, head – fundamental research, Geojit BNP Paribas Financial Services.
“The budget-fuelled rally resumed course today and chose to put aside weak Chinese trade data. Foreign Institutional Investors have remained net buyers on consecutive days, and the demand for the rupee did show, with the currency strengthening through the day,” said Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund.
The 100-scrip and 200-scrip indices were up by 0.62 percent and 0.54 percent, respectively. The mid-cap index was higher by 0.94 percent and small-cap stocks were higher by 0.04 percent.
In Wednesday’s trade, good buying was observed in realty, power and auto sectors, while selling pressure was seen in metal sector.
Sector-wise, the S&P BSE realty index got augmented by 1.51 percent, power index moved up by 1.42 percent and auto index increased by 1.25 percent. However, metal index dropped by 0.80 percent.
The major Sensex gainers on Wednesday were: Maruti, up 4 percent at Rs.3,600; L&T, up 2.16 percent at Rs.1212.95; ONGC, up 1.58 percent at Rs.205.10; and Hindustan Unilever, up 1.58 percent at Rs.840.65.
The losers were: HDFC, down 1.40 percent at Rs.1130; Coal India, down 0.63 percent at Rs.322.50; NTPC, down 0.59 percent at Rs.126.40; and Adani Ports, down 0.55 percent at Rs.226.50.
Among the Asian markets, Japan’s Nikkei went down by 0.84 percent, Hong Kong’s Hang Seng receded by 0.08 percent and China’s Shanghai Composite Index ended lower by 1.35 percent.
In Europe, London’s FTSE 100 gained by 0.50 percent, France’s CAC 40 was higher by 0.97 percent and Germany’s DAX Index was up by 1.13 percent at the closing in the Indian markets.