The market settled with sharp gains on strong buying demand in index pivotals. After a gap-up opening, key indices advanced as the session progressed on broad based buying support. The Nifty settled above the 11,500 mark. The sentiment was boosted by data showing that foreign funds and domestic funds, both, were net buyers of Indian stocks yesterday, 27 March 2019.
The Sensex rose 412.84 points or 1.08% to settle at 38,545.72. The index rose 460.77 points, or 1.21% at the day's high of 38,593.65. The index rose 15.56 points, or 0.04% at the day's low of 38,148.44.
The Nifty 50 index rose 124.95 points or 1.09% to settle at 11,570. The index rose 143.45 points, or 1.25% at the day's high of 11,588.50. The index rose 7.40 points, or 0.06% at the day's low of 11,452.45.
Trading was volatile as traders rolled over positions in the futures & options (F&O) segment from March 2019 series to April 2019 series. The March 2019 F&O contracts expired today, 28 March 2019.
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, 1670 shares rose and 973 shares fell. A total of 176 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Realty index (up 1.61%), the S&P BSE IT index (up 1.45%) and the S&P BSE Bankex (up 1.43%), outperformed the Sensex. The S&P BSE Metal index (down 0.35%), the S&P BSE Power index (down 0.18%) and the S&P BSE Auto index (up 0.24%), underperformed the Sensex.
IT stocks were in demand. HCL Technologies (up 3.84%), TCS (up 1.64%), Persistent Systems (up 1.49%), MphasiS (up 1.26%), Tech Mahindra (up 0.97%), Hexaware Technologies (up 0.39%), Oracle Financial Services Software (up 0.12%), Wipro (up 0.04%) and MindTree (up 0.02%), edged higher.
Infosys rose 1.30%. Infosys during market hours today, 28 March 2019, 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.
State Bank of India (up 3.36%), Yes Bank (up 2.71%), Axis Bank (up 2.64%), Sun Pharmaceutical Industries (up 2.49%) and ITC (up 2.39%), were the major Sensex gainers.
Tata Steel (down 1.73%), ONGC (down 1.65%), Bajaj Auto (down 1.53%), Power Grid Corporation of India (down 1.2%) and Hero MotoCorp (down 0.65%), were the major Sensex losers.
Larsen & Toubro rose 1.19%. 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 fell 0.80%. 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.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69, compared with its close of 68.88 during the previous trading session.
In the global commodities markets, Brent for May 2019 settlement was down 33 cents at $67.50 a barrel. The contract fell 14 cents, or 0.21% to settle at $67.83 a barrel during the previous trading session.
Overseas, European shares edged higher on Thursday as signs of progress in US-China trade talks offset nerves over global growth and Britain's chaotic path towards leaving the European Union.
Asian stocks ended mixed 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.
US 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 US-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.
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