The key domestic benchmarks ended on a robust note as the Sensex, which advanced by more than 100 points, touched a record high for the eighth session on the trot as sentiment remained upbeat ahead of the upcoming elections beginning next week. Realty and Healthcare stocks were the major gainers among sectors. Sentiment was also boosted after the Election Commission gave the nod to the RBI to announce new bank licences ahead of the elections. Globally, firm cues from Asian peers also boosted sentiment as stocks across the region rose as faster gains in US manufacturing last month signaled a pickup in US economy. China’s Shanghai Composite ended higher as railway stocks climbed after policymakers unveiled pricing reforms for the industry. Hang Seng closed higher while Japan’s Nikkei surged as a weaker yen boosted the appeal of exporter stocks.
Today’s session turned out to be a fabulous day of trade for the Indian equity markets, which scaled fresh highs for yet another session. Benchmark indices extended their winning streak for sixth straight day and hit fresh record high as pre-election rally, dubbed as a ‘hope rally’, continued amid firm global
cues and sustained foreign fund inflow.
Domestic bourses, after a gap-up opening, traded with traction throughout the session as sentiments remained up-beat on reports that, FIIs bought local stocks worth 233.10 crore on March 28. Appreciation in Indian rupee too supported the sentiments and was trading at 59.79 a dollar at the time of equity markets closing, tracking robust foreign fund inflows.
Companies that have applied for a banking licence edged higher after the Election Commission allowed RBI to issue new bank licences. Stocks of public sector oil marketing companies (OMCs) like, HPCL, BPCL and IOC edged higher after the under-recovery on High Speed Diesel, PDS Kerosene and Domestic LPG declined. Lower crude oil prices and higher rupee also aided gains in shares public sector OMCs. Additionally, shares of sugar manufacturer continued to trade higher for second day in a row on expectations of higher demand during the summer season from bulk consumers such as ice-cream makers in the spot market. Shares in midcap pharmaceutical companies surged today as investors are attracted by valuations after under performing recently versus larger rivals.
GLOBAL UPDATES:
European shares looked set to stretch their winning streak into a seventh straight day as U.S. car sales data boosted auto stocks and underpinned optimism about demand from Europe's largest trading partner. Both Dow and NASDAQ futures started on a mixed note with Nasdaq Future trading in Green while Dow future was in Red at this evening.
Summary: Markets closed on a Positive note with majority of the sectors closed in Green & BSE-Hcs was the best performing sectors today. Technically speaking, RSI closed at 81, MACD was Positive Above Signal line, India VIX was at 21~, Nifty made its new high today again and closed above all its
moving averages, viz. 5 DMA (6703), 20 DMA (6564), 50DMA (6310) and 200 DMA (6049), which all indicate that market is in bull grip & in overbought zone. Investors need to exercise caution at higher level for any fresh entry in the recently run up stocks and may book partial profit at this levels.
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