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Market Wrap: Sensex closes above 37K, Nifty gains 136 pts to end at 11,171

Among sectoral indices, the Nifty PSU Bank index gained 2.25 per cent higher with IDBI Bank and Union Bank being the top gainers

BS Web Team  |  New Delhi 

Following Asian peers, the domestic equity market ended with sharp gains on Monday, led by across-the-board buying, barring IT counter. The S&P reclaimed the crucial 37,000 mark to end at 37,054, up 383 points or 1 per cent. The 50-share index of the National Stock Exchange (NSE) added 133 points or 1.23 per cent to close at 11,068. Out of 50 constituents, 42 ended in the green and rest in the red.

Among individual stocks, Bharti Airtel zoomed over 8 per cent to end at Rs 335. Last week, reports surfaced the Singapore government’s investment arm GIC will pick up 4 per cent stake in Bharti Airtel for Rs 5,000 crore by subscribing to the telco’s Rs 25,000 crore rights issue.

Shares of surged 11 per cent in the intra-day trade, hitting a 52-week high of the after the company issued a clarification regarding alleged violation of the Foreign Direct Investment (FDI) laws of India. The cigarettes and tobacco products company said the allegations were"completely misconceived and misplaced". The stock closed at Rs 1,036 apiece, up 10 per cent.

Shares of (PSBs) continued their northward journey with the PSU Bank index gaining 10 per cent in past eight trading days on expectation of improving assets quality going forward. In comparison, the benchmark 50 index was up 3 per cent, while Nifty Bank index gained 4 per cent during the same period.

Among sectoral indices, the Nifty PSU Bank index gained 2.25 per cent higher with IDBI Bank and Union Bank being the top gainers. The Nifty Metal index climbed nearly 3 per cent led by gains in Jindal Stainless (Hisar) and Welsun Corp.

In the broader market, the S&P Midcap index ended up 290 points, or 1.96 per cent higher at 15,095, while the S&P BSE SmallCap index ended at 14,763, up 234 points, or 1.61 per cent.

First Published: Mon, March 11 2019. 15:44 IST
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