Markets end green, Bharti Airtel gains more than 5%
After poor performance last week, markets turned green
By Suyash Desai
Markets today ended on a high note as both the S&P BSE Sensex and the Nifty gained over 1.50%. Strong global clues along with domestic factors like CPI inflation rate which is expected to be out later this week, made a positive impact on the investor sentiment.
At the end of trading session the S&P BSE Sensex gained more than 610.80 points to end at 33,917.94 while the Nifty made 194.55 points to conclude at 10,421.40.
“Key benchmark indices started the day on a positive note and extended gains in afternoon trade to hit fresh day's highs as steady buying demand in index pivotals gave a fillip to the wider market. Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as international trade-war concerns abated and were replaced by economic optimism following a stronger US jobs report released over the weekend”, said Kartikraj Laxmanan, Senior Fund Manager at BNP Paribas Mutual Funds.
He further more added that the GST council sent a positive signal to the export community by deciding to extend the available tax exemptions on imported goods for a further six months beyond 31 March 2018.
Bharti Airtel, Indian Oil Co-operation Limited, ITC Limited, Vedanta Limited, NTPC and Tata Motors were among the major gainers while Coal India, SBI, Aurobindo Pharma and Tech Mahindra Limited were among the major losers.
Apart from PSU Banks indices at the NSE, all indices were positive. The S&P BSE Midcap gained 0.76% to close at 16057.18 while the S&P BSE Small Cap concluded at 17379.15 by gaining 0.56 points.
At the end of the trading session, the net value invested by the foreign investors was Rs 374.65 Cr while the net value withdrawn by the domestic investors was Rs 464.59 Cr.
Among the global markets, FTSE 100 was trading red at the time of writing of this copy while, Shanghai Composite, Hang Seng and Nikkei closed green. DAX was trading green while writing this copy.
Meanwhile, among in the precious metal section, gold lost 0.34% to close at Rs 30,297. At the end of the day, the yield on 10-year benchmark Government securities softened and concluded at 7.6294. Crude oil prices lost 0.45% to end at Rs. 3,999.
“On the global front, President Trump’s rhetoric on trade protectionism could weigh on markets. Any move by the Trump towards reconciliation with North Korea could be taken positively”, said Sanjeev Zarbade, Vice-president-PCG Research at Kotak Securities. He added that the recent fall in mid-cap stocks provides a good opportunity for investors to pick stocks and advised investors to select stocks with strong management quality, robust earnings growth and reasonable valuations.