Key Indian equity indices end higher on government reforms (Roundup)

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Mumbai, March 11 (IANS) Riding on real estate bill’s approval by parliament and simplification of oil and gas licensing rules, key Indian equity market indices surged on Friday.

A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 24,620.39 points, closed at 24,717.99 points — up 94.65 points, or 0.38 percent over the previous day’s close at 24,623.34 points.

It touched a high of 24,817.80 points and a low of 24,552.26 points in the day’s trade.

The wider Nifty of the National Stock Exchange also closed 24.05 points or 0.32 percent higher at 7,510.20 point”.

“The stimulus package provided by the ECB is much better than expected and this will ease the risk of deflation in Europ,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services.

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“Domestic equities are well placed among emerging markets with the return of foreign institutional investors. Besides, Rajya Sabha cleared the real estate bill, which increased the prospects towards post budget reforms in “ndia,” he said.

“With key bills connected to gas, real estate, mining sectors being passed in parliament, investors are increasingly becoming assured that the government is back on the reforms path,” said Anand James, co head technical research desk, Geojit BNP Paribas Financial Services.

The 100-scrip and 200-scrip indices of the BSE were lower by 0.29 percent and 0.26 percent, respectively. The mid-cap index was higher by 0.08 percent, while small-cap stocks were lower by 0.16 percent.

In Friday’s trade, good buying was observed in fast moving consumer goods (FMCG), healthcare, oil and gas sectors, while selling pressure was seen in metal sector.

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Sector-wise, the S&P BSE FMCG index gained by 1.24 percent, healthcare index moved up by 0.53 percent, and oil and gas index went up by 0.50 percent. However, metal index dropped by 0.69 percent.

The major Sensex gainers on Friday were: Lupin, up 2.01 percent at Rs.1,857.55; Adani Ports, up 1.81 percent at Rs.230.45; Tata Motors, up 1.61 percent at Rs.354; and ITC, up 1.60 percent at Rs.321.10.

The losers were: Coal India, down 0.98 percent at Rs.319.05; ICICI Bank, down 0.77 percent at Rs.213.80; BHEL, down 0.67 percent at Rs.103.65 and Tata Steel, down 0.57 percent at Rs.294.45.

Among the Asian markets, Japan’s Nikkei was higher by 0.51 percent, Hong Kong’s Hang Seng gained by 1.08 percent and China’s Shanghai Composite Index ended higher by 0.16 percent.

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In Europe, London’s FTSE 100 was higher by 1.27 percent, France’s CAC 40 was up by 2.66 percent and Germany’s DAX Index was up by 2.81 percent at the closing of the Indian markets.

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