Dovish FED statement rekindles hope, Indices rally by 1.8%
DSIJ Intelligence / 30 Mar 2016
The Indian markets saw an unexpected rally, the day before F&O expiry, mainly after Yellen dovish statement on rate cut. All the sectoral indices closed in the green territory, and Bankex was leading the day. The Nifty ended higher by 138 points at 7735; and Sensex was up by 438 points at 25338. Both the indices ended higher by around 1.80 per cent.
The Indian markets saw an unexpected rally, the day before F&O expiry, mainly after Yellen dovish statement on rate cut. All the sectoral indices closed in the green territory, and Bankex was leading the day. The Nifty ended higher by 138 points at 7735; and Sensex was up by 438 points at 25338. Both the indices ended higher by around 1.80 per cent.
The market breadth remained positive till closing hour, with 1873 advances and 750 declines on the NSE.
Top 5 Nifty Gainers: Tata Steel was the top gainer for today’s session, closing higher by 6.7%. Among the other gainers were ICICI Bank, Lupin, Bank of Baroda and Vedanta.
Top 5 Nifty Losers: Zee Entertain ended lower by 1.2% today, followed by M&M, HDFC, Bharti Airtel and Maruti Suzuki.
All the sectoral indices closed in green territory. Bankex gained a total of 557 points for the day; Capital Goods was up by 342 points; Auto; Metals; Consumer Durables; and Healthcare were up more than 200 points each. Mid-Caps and Small-Caps also saw positive trades, both higher, around 190 points in the closing session.
In Asia, the Hang Seng was the top gainer and saw an appreciation of 437 points and Taiwan ended higher by 119 points. KOSPI and Shanghai Composite closed with a nominal positive bias. However Nikkei closed on a red note, down by 224 points.
Buzzers: Tata Steel surged above the technical level of Rs 320. If it holds these gains, it may reach a level of upto Rs 350 in the next few trading sessions.
Nifty Futures saw a handsome up-move and closed above 7700, indicating more strength ahead.
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