Nifty settles March F&O series at record high, ends at 9,173

The S&P BSE Midcap and S&P BSE Smallcap indices hit a new lifetime high

The benchmark Nifty50 on Thursday settled the expiry of March futures & options at record high after the government moved a step closer to implementing a nationwide goods and services tax (GST) from July. 

The S&P BSE Sensex ended at 29,647, up 116 points, while the broader Nifty50 closed at 9,173, up 30 points. The 50-share Nifty had hit its previous record closing high of 9,160 level on March 17.   

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices also hit a fresh lifetime high by rising 0.4% and 0.9%, respectively. 

The market breadth, indicating the overall health of the market, depicted strength. There were two gainers against every loser on BSE. 1,734 shares rose and 992 shares fell. A total of 229 shares were unchanged.

"With rollovers at a healthy clip, markets held on to its gains, and it showed in the market breadth which was decidedly strong. Banking stocks continued to outperform, with realty also following suit on consideration of rationalisation of waiver of stamp duty for affordable housing projects. Auto sector, which took a beating yesterday, recovered moderately, as the impact on Supreme Court ban order on BS-III sale will be varied across auto companies,” said Anand James, Chief Market Strategist, Geojit Financial Services.

SECTORS AND STOCKS

Nifty Realty index was the leading sectoral gainer, led by gains in Indiabulls Real Estate (up 9%), HDIL (up 6%) and Unitech (5%).

Nifty Bank gained over 1% ahead of the Reserve Bank of India's monetary policy meeting due next week. 

Among individual stocks, Adani Ports and Special Economic Zone (APSEZ) was the top gainer on Sensex and Nifty both. The stock surged 6% to hit its fresh 52-week high of Rs 339 on the BSE. 

Axis Bank was the leading index loser and fell over 1% to Rs 497 after the company announced it has tied up with Wells Fargo to offer real time remittances from the Indian diaspora to their relatives back home.

RIL gained over 1% after the company said that they have completed sale of its entire 76% interest in its East African company GAPCO to Total SA of France for an undisclosed sum. 

Subros moved higher to its record high of Rs 219, up 12% on BSE in intra-day trade, after the company announced that it has reopened its Manesar plant after a major fire accident in May 2016.

Logistics shares ended higher after the passage of the GST bills. Allcargo Logistics rose as much as 4.4% while VRL Logistics shot up as much as 4.3% and GATI gained as much as 2.5%.

Meanwhile, auto stocks including Hero MotoCorp and Ashok Leyland recovered from steep losses after the country's top court banned sale of new vehicles with older Euro III fuel technology from April 1.

Two-wheeler manufacturer Hero MotoCorp rose as much as 1.4% while Ashok Leyland rose as much as 1.2%.

GLOBAL MARKETS

European shares struggled for direction in early deals on Thursday as investors mulled implications of Britain formally beginning the process of leaving the European Union the day before. The pan-European STOXX 600 and Britain's FTSE 100 was down 0.1%, while France's CAC 40 was flat. 

Asian shares turned lower on Thursday after touching near two-year highs. 

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%, stepping back from morning trade when it nudged close its loftiest levels since June 2015.

Australian shares firmed 0.4%, helped by an overnight gain in oil prices. China stocks ended lower for a fourth straight session amid worries over property market prospects, sharp declines in newly-listed stocks, and liquidity stress as the month-end approached. The CSI300 index was down 1%, while the Shanghai Composite Index lost 1.2%.

(With inputs from Reuters)