Positive cues from Asian markets coupled with strong inflows from foreign funds led Indian stock markets to their highest close since February 2008. Most Asian markets ended in positive territory on Monday following encouraging US job data, which was released last Friday.
According to the data provided by the Bombay Stock Exchange (BSE), foreign institutional investors (FII) were net buyers to the tune of over Rs 760 crore on Monday, their twenty-fourth straight buying session. In the current calendar year, FIIs have bought stocks worth over $4.7 billion, most of which came in March.
The 30-share Sensex of Bombay Stock Exchange (BSE) added 243.06 points to close the day at 17,935.68. The broader S&P CNX Nifty of National Stock Exchange (NSE) gained 77.90 points to end the day at 5,368.40.
Anand Shah, head, equities at Canara Robeco Mutual Fund said: ?Huge global liquidity is driving the markets. Also, our markets are among the best in the region given the strengthening economy and strong growth rate expectations.? The breadth of the market remained strong throughout the trading session as out of 2,920 stocks traded on BSE, 2,222 stocks advanced, 640 declined while remaining 58 remained unchanged.
Japan?s Nikkei 225 closed at 11,339.30, up by 0.47%, while the Hang Seng Composite gained 1.62% to end at 3,062.56. South Korea?s Kospi and China?s Shanghai SE Composite ended the day on a flat note. On Friday, the US Labor Department said employers added 1,62,000 jobs in March, the largest job gain in three years.
Except IT, all the other BSE sectoral indices ended the day in green with realty, oil & gas and auto being the top performers of the day. ?However, the fear of high inflation still remains in the market,? added Shah.
The NSE?s cash segment reported a turnover of over Rs 13,100 crore, up 0.9% against previous session, while the average daily turnover in the last six months stood at approximately Rs 15,200 crore.
However, NSE?s derivatives segment reported a turnover of over Rs 59,100 crore, up by over 11% compared to last Thursday?s turnover, while the average daily turnover in the last six months stood at approximately Rs 76,900 crore.