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F&O expiry: Sensex surges 413 points, Nifty ends at 11,570; PSU banks rally

All that happened in markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Ongoing bull market phase 'longest and slowest', says Morgan Stanley

Buying in banks and IT counters helped benchmark indices and settle over a per cent higher on the day of March F&O series expiry. 

The S&P BSE rallied 415 points or 1 per cent to end at 38,546, with HCL Tech being the top gainer and Tata Steel the top loser. Out of 30 constituents of the index, 24 advanced while only six declined.

Market breadth remained in favour of advances as out of 2,819 companies traded on BSE, 1,666 advanced while 975 declined whereas 178 stocks remained unchanged. 

In the broader market, the S&P BSE MidCap index gained 161 points or 1.06 per cent to settle at 15,328 while the S&P BSE SmallCap index added 140 points or 0.95 per cent to close at 14,918. 

The broader Nifty50 index of the National Stock Exchange (NSE) added 125 points or 1.1 per cent to settle at 11,570.

BUZZING STOCKS

HCL Technologies shares ended at Rs 1,082.25 apiece on BSE, up nearly 4 per cent. 

Shares of Titan Company joined the elite club of Rs 1 trillion market capitalization (market-cap) after hitting a new high of Rs 1,129 apiece in the intra-day trade. The stock, eventually closed at Rs 1,134, up 1.8 per cent. 

Hero MotoCorp (HMCL) hit a two-year low of Rs 2,517 during the day on concerns of slowing demand growth. It closed at Rs 2,532, down nearly a per cent.  

SECTOR WATCH

Sectorally, PSU banks rallied the most in trade, followed by media and IT stocks. The PSU bank index gained 3.62 per cent to settle at 3,346.25, with all the 12 constituents ending in the green.

GLOBAL CUES

Asian share were painted red on Thursday as recession concerns sent bond yields spiralling lower across the globe, overwhelming central bank efforts to calm frayed nerves.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, with South Korea down 0.7 per cent and Shanghai blue chips slipping 0.3 per cent. Japan’s Nikkei fell 1.7 per cent. US stocks could not escape the malaise with E-Mini futures for the S&P 500 off 0.5 per cent.

(With inputs from Reuters)

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