FIIs’ fuel equities’ upmove; financial stocks rise (Roundup)

Mumbai, March 9 : Healthy buying in financials and insurance companies fuelled the upmove in India’s benchmark equity indices on Tuesday.

The two stock markets ended on a positive note as FIIs pumped into Rs 2,801.87 crore in the Indian markets.

Globally, stocks steadied on Tuesday, supported by a decline in US and European bond yields.

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The US 10-year ‘Treasury Bond’ yields eased to 1.5472 per cent.

Among sectors banking, IT were the main gainers while metals, media, realty fell the most.

Consequently, the S&P BSE Sensex rose by 584.41 points, or 1.16 per cent, to 51,025.48 points from the previous close of 50,441.07.

The NSE Nifty50 on the National Stock Exchange closed at 15,098.40, up by 142.20 points, or 0.95 per cent, from its previous close.

“Nifty has remained in the 14,920-15,120 band for the past two days seeing alternate up-down moves in this band,” said Deepak Jasani- Head of Retail Research at HDFC Securities.

“A sustained breach of this band could result in a fresh move in that direction. Advance decline ratio has again fallen suggesting some nervousness among market participants.”

According to Vinod Nair, Head of Research at Geojit Financial Services: “In a volatile day, the Indian market ended with minor positivity amid mixed global cues.”

“Barring private banks, IT and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses.”

In addition, S. Ranganathan, Head of Research at LKP Securities said: “Markets slipped into the red on sustained selling in metal stocks and profit booking in oil and gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal.”

“The broader markets witnessed sustained buying interest in leading private sector banks and private life insurers.”

–IANS
rv/sn/ash

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