The benchmark BSE Sensex today began the new fiscal year on a promising note by gaining more than 300 points to settle the day at 28,260.14, recording first weekly gain in three weeks while Sun Pharmaceutical Industries and Ranbaxy Laboratories surged ahead of a planned merger.

After a slightly lower start at 27,954.86, the 30-share BSE barometer slipped further to 27,889.02. However, with the emergence of widespread buying the index surged to day’s high of 28,298.34.

It finally closed at 28,260.14, higher by 302.65 points, or 1.08 per cent than its previous close.

The 50-share NSE Nifty, retested the crucial 8,600-mark but settled 95.25 points higher, or 1.12 per cent, at 8,586.25.

Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
Strong momentum in European market led my good PMI provided the essential trend to India market. Against expectation the long trading holiday did not negatively affect the market. Importantly, against the negative flow from DIIs during the month of March (expiry), DIIs have provided higher liquidity to the market including F&O. Though on a healthy note, we believe it will be a volatile month. The post immediate factor will be the take from RBI meet on 7th April (next week Tuesday). We cannot expect a immediate cut in interest rate as CPI is on the uptick. But we have to look at scope to surprise the market through a CRR/SLR cut and forward outlook.

Sun Pharnma emerged as the top Sensex gainer by surging 5.51 per cent ahead of Ranbaxy’s amalgamation with the company.

“Markets closed the truncated week with a near 3 per cent gain, led by banking stocks, which outperformed the rest,” said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

Other gainers on the Sensex include Tata Motors, SBI, ICICI Bank, Hindalco, Tata Steel, ITC and Bharti Airtel.

Market perspective by Dipen Shah, Head of Private Client Group Research, Kotak Securities
“Markets closed the truncated week with a near 3% gain, led by banking stocks, which outperformed the rest. Most of the sectors saw active buying, especially in mid-caps, with the exception of the IT sector, where sentiment was marred by the weaker-than-expected guidance by HCL Tech.
Going ahead, there are no immediate triggers for the markets on the domestic front and hence, markets may continue to be dictated by global factors. Quarterly results are also expected to be subdued. Further action on the fiscal or monetary front, if any, can give some upside to the market.
We remain positive on the medium – to – long term prospects of the markets based on our expectations of further fiscal reforms and a pick-up in the economic growth over the period.

Sector-wise, Banking index gained the most by rising 2.37 per cent, followed by Healthcare index 2.31 per cent. In 30-BSE index components, 23 stocks gained and seven ended with losses.

Globally, a mixed closing at other Asian markets and a higher opening in Europe after the region’s manufacturing accelerated faster than initial estimates, supported the trading sentiment in later part of the session, brokers said.

Market Wrap Up by Mr. Alex Mathews, Head Research, Geojit BNP Paribas Financial Services Ltd – April 1, 2015
After choppy trading session in the beginning, the markets rose on the back of buying in the selected counters like banking, healthcare and infrastructure.  The news of strong manufacturing growth in UK also kept the market buoyant. Nifty on the closing basis closed above its 100 day moving average at 8531, is positive and it is likely to remain firm in the days to come.
Nifty today closed at 8586 up around 95 points.  The market breadth stood positive as there were seen 2000 stocks advancing against 699 stocks declining. The Nifty volatility index, India VIX stood at 13.8000 down around 4.77%.
Barring the IT which closed down around 1.02%, all other sectors ended in green. The major sectorial gainers for the day were Banking and Healthcare which closed up around 2.54% and 2.45% respectively. In the stocks’ front, the major gainers were Sun Pharma and PNB which closed up around 5.67% and 5.26% respectively whereas the losers were HCL Tech and INFY which closed down around 3.77% and 2.13% respectively.
The FIIs were buyers in the cash markets segment, bought shares worth Rs 356.07 crore on Tuesday, 31 March 2015. DIIs were also net buyers on 31 March 2014, bought shares worth Rs 283.71crore as per the provisional data from the stock exchanges.
In the global front, the US index futures fell. The Chinese official PMI index rose to 50.1 in March from 49.9 in the previous month made the Chinese markets to rally and in UK the manufacturing growth accelerated to its fastest pace in eight months.
In the week, Thursday and Friday the domestic markets may remain closed on account of Mahavir Jayanti and Good Friday.
In Monday in the economic front, the HSBC India services PMI will be in focus.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 356.07 crore yesterday and Domestic institutional investors (DIIs) bought shares worth a net Rs 283.71 crore as per provisional data.

Markets will remain closed on Thursday and Friday on account of Mahavir Jayanti and Good Friday, respectively.