Mumbai, March 8 (IANS) Value buying by investors, along with positive global markets on the back of easing of trade war fears, propelled the key Indian equity indices on Thursday — snapping a six-day losing streak.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 400 points to scale an intra-day high of 33,439.97 points, with healthy buying in banking, auto and capital goods stocks adding to the upward trajectory.
The Sensex closed at 33,351.57 points — up 318.48 points or 0.96 per cent from its previous session’s close.
However, the BSE market breadth was bearish with 1,530 declines and 1,197 advances.
On the National Stock Exchange (NSE), the wider Nifty50 rose by 88.45 points or 0.87 per cent to close at 10,242.65 points.
“Markets bounced back on Thursday after six consecutive sessions of losses. Bottom fishing on the back of gains in Asian stocks amid news of potential US tariff exemptions helped to boost the market sentiments,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a positive note, while European indices like CAC 40 and FTSE 100 traded in the green. Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” Jasani added.
The S&P BSE mid-cap index edged higher by 0.56 per cent and the small-cap index by 0.50 per cent.
On the currency front, the Indian rupee weakened by 26 paise to close at 65.15 against the US dollar from its previous close at 64.89.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 364.80 crore, while domestic institutional investors purchased stocks worth Rs 675.26 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market reversed from the last six days losing streak as ease in trade war concerns and short covering in PSU banks supported the rally.”
“Mid and small-caps continued to underperform as investors were still jittery waiting for further ease in valuation,” Nair added.
Sectorwise, the S&P BSE banking index augmented by 389.41 points, auto index by 220.70 points and capital goods index by 203.84 points.
On the other hand, the S&P metals index fell by 65.01 points, healthcare index by 33.36 points and the FMCG index by 21.38 points.
Major Sensex gainers on Thursday were: State Bank of India, up 4.09 per cent at Rs 256.75; ICICI Bank, up 3.58 per cent at Rs 296.95; Adani Ports, up 2.95 per cent at Rs 388.60; Mahindra and Mahindra, up 2.45 per cent at Rs 727.25; and Reliance Industries, up 2.25 per cent at Rs 911.60.
The Sensex losers were: Tata Steel, down 1.98 per cent at Rs 635.20; Sun Pharma, down 1.85 per cent at Rs 515.40; Yes Bank, down 1.63 per cent at Rs 307.80; Tata Consultancy Services, down 0.92 per cent at Rs 3,001.50; and Tata Motors, down 0.60 per cent at Rs 345.90.