Third Consecutive Day of Positive Closing for the Markets

Markets closed higher, clocking gains for the third consecutive session buoyed by rally in outsource shares and improved investor sentiment after crude prices edged lower. Markets opened in the green and extended the gains followed by positive global cues. The benchmark Sensex ended up 145 points, at 18,351 and the S&P CNX Nifty advanced 42 points, at 5522. The Nifty traded in a narrow band of 68 points and the India VIX (Volatility Index) declined to the 20 mark which may give a positive momentum to the markets going forward.  On the macro-economic front, Inflation edged marginally higher, at 10.05% year on year for the week ended March 12 against 9.4% the previous week. The primary articles price index was up 13.53% compared to 12.3% percent week on week. Brent crude declined for the second day in a row, down 0.4% to $115 per barrel after Portugal's Prime Minister resigned because the parliament rejected its austerity plans. However, concerns continued in west Asia as coalition forces escalated their fight against Gadhafi, but North Atlantic Treaty Organization (NATO) failed to decide who would command the operation. Other markets in Asia also ended in higher except Japan which closed flat due to uncertainty over the nuclear plant and economic recovery. Japan's Nikkei Stock Average closed down 0.2%, at 9,435.