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Indices gain for sixth straight session

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Key equity benchmarks rose for a sixth straight session on Monday amid positive global cues. The barometer index, the S&P BSE Sensex, rose 70.75 points or 0.19% to settle at 38,095.07. The Nifty 50 index rose 35.35 points or 0.31% to settle at 11,462.20. Strong foreign portfolio inflows in the domestic market and firmness in the rupee against the dollar also boosted sentiment.

Broader market ended lower. Among secondary barometers, the BSE Mid-Cap index fell 0.20%. The BSE Small-Cap index fell 0.13%.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 2.46%), the S&P BSE Oil & Gas index (up 1.55%), the S&P BSE Energy index (up 1.7%) outperformed the Sensex. The S&P BSE Teck index (down 1.06%), the S&P BSE Auto index (down 1.36%), the S&P BSE Telecom index (down 1.28%) underperformed the Sensex.

In the foreign exchange market, the rupee higher against the dollar. The partially convertible rupee was hovering at 68.56, compared with closing of 69.10 during the previous trading session.

Overseas, most European stocks were trading higher on hopes that the US Federal Reserve could sound decidedly dovish at its policy meeting later this week. US Federal Reserve will decide on interest rates in its two-day meeting on 19-20 March 2019. The meeting will be associated with a summary of economic projections. The Fed held the target range for the federal funds rate at 2.25-2.5% on 30 January 2019.

Asian shares ended higher as investors awaited developments on the US-China trade front.

US stocks closed higher Friday, buoyed by encouraging headlines on US-China trade negotiations and Chinese assurances of forthcoming economic stimulus. According to reports, Chinese Premier Li Keqiang expressed optimism that a trade deal between China and the US can be achieved that suits both parties.

In global commodities markets, Brent crude oil edged lower. Brent for May 2019 settlement was off 29 cents at $66.87 a barrel.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 18 2019. 15:58 IST
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