You are here: Home » News-CM » Equities » Market Report
Business Standard

Stocks rally as pivotals advance

Capital Market 

Domestic stocks logged sharp gains on strong buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 412.84 points or 1.08% at 38,545.72. The Nifty 50 index gained 124.95 points or 1.09% at 11,570. The market sentiment was boosted by data showing that foreign funds and domestic funds, both, were net buyers of Indian stocks yesterday, 27 March 2019.

Provisional data released by the stock exchanges showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,481.11 crore yesterday, 27 March 2019. Domestic institutional investors (DIIs) bought shares worth a net Rs 134.92 crore yesterday, 27 March 2019.

Trading was volatile as traders rolled over positions in the F&O segment from the near month March 2019 series to April 2019 series. The March 2019 F&O contracts expired today, 28 March 2019.

The Nifty settled above the 11,500 mark. After seeing a gap-up opening, key indices nudged higher as trading for the day progressed on strong buying demand in index pivotals.

The S&P BSE Mid-Cap index rose 1.06%. The S&P BSE Small-Cap index rose 0.95%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1659 shares rose and 986 shares fell. A total of 174 shares were unchanged.

Infosys rose 1.3%. Infosys during market hours today announced a strategic partnership with ABN AMRO, the third largest bank in the Netherlands headquartered in Amsterdam. This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies, and further enhances the company's strategy to help clients navigate their next digital transformation journeys.

Larsen & Toubro rose 1.15%. Larsen & Toubro after the company said its construction arm has secured significant contracts from clients across different states in India. The announcement was made during trading hours today, 28 March 2019.

NTPC rose 0.07%. The company said that Unit#2 of 660 MW of Solapur Super Thermal Power Station (2 X 660 MW) will be declared on commercial operation with effect from 30 March 2019. With this, the commercial capacity of Solapur Super Thermal Power Station, NTPC and NTPC group would become 1320 MW, 45725 MW and 52866 MW respectively. The announcement was made during market hours today, 28 March 2019.

Mahindra & Mahindra (M&M) fell 0.71%. M&M announced during trading hours today, 28 March 2019, that effective 1 April 2019, the price of its range of personal and commercial vehicles will increase by 0.5% - 2.7%, resulting in an increase of Rs 5,000 - Rs 73,000, across its models.

Overseas, European shares edged higher on Thursday as signs of progress in U.S.-China trade talks offset nerves over global growth and Britain's chaotic path towards leaving the European Union.

Most Asian stocks fell as investors watched the continuing trade talks between the U.S. and China. The Trump administration and Chinese officials are about to hold their eighth round of trade talks in Beijing with several tough issues unresolved, including a timetable for lifting tariffs and a way to enforce any agreement.

U.S. stocks on Wednesday bounced off session lows but finished in the red as sentiment remained sensitive to mounting signs of slowing global growth, reflected in falling bond yields on the heels of increasingly dovish central banks.

On the U.S.-China trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume negotiations with their Chinese counterparts in Beijing on Thursday, in a bid to strike a deal on trade.

In economic data, the U.S. trade deficit narrowed in January to a five-month low of $51.1 billion versus $59.9 billion in December.

Powered by Capital Market - Live News

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

First Published: Thu, March 28 2019. 15:40 IST