The markets were choppy till first half of the trading session. However, since 12.00 pm IST, the markets were firmly trading in the green.
Asian markets showed a mixed trend. The Hang Seng (-0.7%), Nikkei (-0.06%), Jakarta Composite (-0.06%) and Shanghai Composite (-2.15%) were trading lower. Taiwan Taiex (0.05%), Kospi (0.2%) and Straits Times (0.5%) were trading in the green. European indices were trading in the green. FTSE, DAX and CAC 40 were trading 0.28-0.38% higher.
Back home, among sectoral indices, BSE Oil & Gas (2%), BSE IT (1.5%) and BSE Healthcare (1.3%) were the major gainers. Among Sensex scrips, TCS (4.1%), RIL (4%) and Cipla (2.1%) were trading higher.
Experts expect markets to double by 2018. “The budget has reinforced our key thoughts on the market. We are still bullish on the markets and expect further gains of nearly 13% from current levels over the 30% we got last year. We expect the markets to hit 33,000 in 2015 and reiterate our view that the market will double to 54,000 by 2018,” BoFA-ML analysts said in a note.
Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
The investors’ confidence has improved as Government intends to spend more and have a better place for business. Expectation continues to be high as budget session will add more teeth to ‘Make in India’. Due to improvement in Government’s confidence we are seeing higher exposure in Infrastructure and PSUBs.
Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
After a choppy trade in the morning session, the markets rebounded on the back of bargain buying mainly in the Pharma, IT and consumer durable counters. Nifty today made a new lifetime high at 9008.40 and closed at 8996 up around 39 points. The Nifty volatility index, India VIX stood at 15.4925 down around 2.24%, which is indicating further more upside to the markets.
The market breadth stood positive from as there were seen 1666 stocks advancing against 1184 stocks declining.
The Mid-cap and small – cap outperformed the broader markets, closed up 1.18% and 1.39% respectively.
The major sectorial gainers for the day were Oil & gas and IT which closed up around 2.21% and 1.45% respectively. On the other end the major loser was Realty which ended down around 1.19%.
In the stocks’ front, buying was seen in TCS and Reliance, closed up around 4.33% and 4.15% respectively and on the other end the sellers were M&M and Axis Bank which closed down around 3.74% and 2.31% respectively.
The FIIs were net buyers in the capital market segment, bought shares worth Rs 424.79 crore on Monday, 02 March 2015. On the other hand the DIIs were also net buyers on 02 March 2014, bought shares worth Rs 180.35 crore as per the provisional data from the stock exchanges.
On the back of better than expected German economic data, the European markets rose. The US index futures were down.
For the Indian markets, HSBC services PMI will be in focus tomorrow.
NSE Nifty soars to new record, hits 9,000-mark for first time
(Reuters) The National Stock Exchange index Nifty breached the 9,000-level for the first time in pre-close session today on sustained inflow of foreign capital amid growth-oriented and market-friendly measures in the FM Arun Jaitley-presented Union Budget on Saturday.
Nifty gains were led by Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter.
The 50-share index rose as much as 0.58 pct to 9,008.40, surpassing its previous record of 8,996.60 hit on Jan. 30.
Hopes India’s weightage in MSCI indexes would increase due to the government’s proposal to merge foreign direct investment and foreign portfolio investment limits, also underpinned sentiment.
The benchmark BSE Sensex index ended 0.46 percent higher, still 0.85 percent away from its all-time high of 29,844.16 hit on Jan. 30.
The NSE index ended 0.44 percent higher after breaching the psychologically important 9,000 level for the first time.
Reliance Industries gained 4.2 percent, marking its biggest daily gain since March 7, 2014.
Exporters also rose, led by a 1.9 percent gain in Sun Pharmaceutical Industries after it agreed to buy GlaxoSmithKline’s opiates business in Australia to strengthen its pain management portfolio.
(PTI) Rising for the fourth session, the benchmark Sensex today jumped 134.59 points to end at over one-month high of 29,593.73 and the NSE’s Nifty breached the 9,000-mark for the first time on the back of foreign buying in RIL, Cipla, Sun Pharma and TCS shares.
The Nifty, after hitting record high of 9,008.40 in the fag-end, settled a tad lower at new closing peak of 8,996.25 — a gain of 39.50 points or 0.44 per cent.
The NSE index today surpassed its previous all-time record of of 8,996.60 hit on January 30 and also beating its previous closing peak of 8,956.75 in yesterday’s trade. In 4 days, it has gained 310 points or 3.6 per cent. Growth oriented Budget proposals and buying in refinery, pharma and IT scrips helped.
After slipping to the red on profit-booking amid data showing growth in eight core industries slowed to 13-month low in January, the 30-share Sensex bounced back.
It touched the session’s high of 29,636.86 on buying, before settling with a gain of 134.59 points, or 0.46 per cent, at over one-month high of 29,593.73. In the four-days of the rally, it has jumped nearly 850 points.
Reliance Industries led the surge as its scrip zoomed over 4 per cent on the back of fund-buying and expectations of solid profit growth in March quarter.
IT giant TCS also spurted about 4 per cent, followed by 2 per cent gains in HDFC and Sun Pharma. The drug major will buy GSK’s Opiates business in Australia.
Among others, Cipla, Bajaj Auto, Sesa Sterlite, Tata Power, Wipro, Hindalco, DRL and Hero MotoCorp gave support.
With the buying activity gathering momentum, second-line stocks continued their upward sprint. The BSE Small-cap and Mid-cap indices logged over one per cent rise each.
“Sentiment was so strong that even profit-taking at higher levels was absorbed”, said a Delhi-based stock broker.
Coal India shares went ex-dividend today. Axis Bank, Airtel, M&M, Tata Motors, NTPC, HUL and ITC were among losers.
Meanwhile, Foreign Portfolio Investors bought shares worth net Rs 424.79 crore yesterday as per provisional data.
Sectorwise, the BSE Oil & Gas index gained the most by surging 2.21 per cent, followed by IT index with a gain of 1.45 per cent. Healthcare index rose by 1.33 per cent, Capital Goods index by 0.37 per cent, FMCG index by 0.30 per cent and Power index by 0.26 per cent.