Market stays on front foot, Sensex gains for 4th day
Market kept its positive strike rate for the fourth straight session as the benchmark Sensex ended with a 7-point gain at 25,338, with some late buying coming to the rescue amid a higher opening in Europe.business Updated: Mar 23, 2016 18:33 IST
Market kept its positive strike rate for the fourth straight session as the benchmark Sensex ended with a 7-point gain at 25,338, with some late buying coming to the rescue amid a higher opening in Europe.
For the week, the Sensex climbed 384.82 points, or 1.54%, while NSE Nifty surged 112.15 points, or 1.47%, amid expectations that the Reserve Bank would reduce interest rates at its policy review meet on April 5.
The pre-dominant mood was one of caution as investors booked profit ahead of a long weekend after deadly terror attacks at the Brussels airport and a city metro station yesterday rekindled geo-political worries.
Markets will be shut tomorrow and Friday on account of Holi and Good Friday, respectively.
The meagre gains came on top of buying in metal, technology, IT and auto stocks.
The Sensex rebounded from lows to close up 7.07 points, or 0.03%, at 25,337.56.
The 30-share gauge had gained over 653 points in the past three sessions.
At the close, the 50-share NSE Nifty was up 1.60 points, or 0.02%, at 7,716.50.
Both indices remained at their highest levels since January 6, a fresh 11-week high.
Broader markets too stayed in the green, with the mid-cap index and small-cap gaining 0.24% each.
“The market was in a holiday mood and investors took a cautionary approach ahead of the long weekend,” said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas.
A total of 15 rose out of 30 stocks in the Sensex pack.
Tata Steel topped the tally of gains, up 2.31%, while Bharti Airtel closed 2.06% higher.
Bajaj Auto, Infosys, Coal India, Maruti Suzuki, Wipro, Hindustan Unilever, L&T, Sun Pharma, ICICI Bank, ITC, Hero MotoCorp and TCS too gained, rising by up to 2.05 per cent.
RIL slumped 1.83% while Lupin ended 1.63% down.
The BSE metal index was the leader sectorally, climbing the most by 1.71%, followed by technology (0.67%) and IT (0.61%).
Foreign investors net bought shares worth Rs 1,095.44 crore on Tuesday, showed provisional data.
Most other Asian indices closed mixed in subdued trading as investors pulled back ahead of the long Easter weekend, choosing to stay cautious in view of the bombings in Brussels yesterday.
Europe picked up the pieces and the indices moved on with gains in early deals.