Key Indian equity indices end higher on positive global cues (Roundup)

Mumbai, March 18 (IANS) Key Indian equity indices closed higher on Friday following positive global cues.

A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 24,729.41 points, closed at 24,952.74 points — up 275.37 points, or 1.12 percent over the previous day’s close at 24,677.37 points.

It touched a high of 24,986.94 points and a low of 24,681.64 points in the day’s trade.

The wider Nifty of the National Stock Exchange also closed in the green — 91.80 points or 1.22 percent higher at 7,604.35 points.

“Global central banks’ policy action has favoured the domestic market. The continuous inflow of foreign funds and pick up in the Chinese market has created a positive sentiment in the market. Today the market substantially surpassed the psychological level of 7,500 to 7,604 with improved volumes,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Servi”es.

“Key benchmark indices in India started the day on a volatile note but managed to stay above the flat line and trade in the green. A sudden spurt of buying in the last one hour of trade pushed benchmark indices to touch not only an intraday but also a multi-week high,” said Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund.

The 100-scrip and 200-scrip indices of the BSE were higher by 1.13 percent and 1.12 percent, respectively. The mid-cap index was higher by 0.66 percent and small-cap stocks was up by 0.61 percent.

In Friday’s trade, good buying was observed in IT, TECK and metal sectors, while selling pressure was seen in healthcare sector.

Sector-wise, the S&P BSE IT index gained by 2.31 percent, TECK index moved up by 2.17 percent and metal index inched up by 2.14 percent.

The major Sensex gainers on Friday were: TCS, up 3.21 percent at Rs.2,427.25; GAIL, up 3.13 percent at Rs.364.15; Adani Ports, up 2.66 percent at Rs.241.45 and State Bank of India, up 2.63 percent at Rs.191.05.

The losers were: Lupin, down 6.90 percent at Rs.1,558.90 and Sun Pharma, down 1.49 percent at Rs.815.90.

Among the Asian markets, Japan’s Nikkei was lower by 1.25 percent, while Hong Kong’s Hang Seng higher by 0.82 percent and China’s Shanghai Composite Index ended higher by 1.72 percent.

In Europe, London’s FTSE 100 was higher by 0.47 percent, France’s CAC 40 was up by 0.40 percent and Germany’s DAX Index was higher by 0.24 percent at the closing of the Indian markets.

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