New Delhi: Market managed to retain positive strength after highly volatile session closed the Bombay Stock Exchange benchmark Sensex closed in green. Positive opening of the European markets contributed to the recovery.
Markets were instable during noon on weak IIP data that shrank by 1.2% for February 2009. Inflation for week ended 28 March also showed only a marginal decrease to 0.26% against the previous 0.31%.
The IIP for the month of February has dipped to a historic low of negative 1.2% from a revised growth of 0.4% in January. The low inflation figure for week ended 28 March also raised expectations of rate cuts by the Reserve Bank of India.
Sensex opened positive backed by firm global Asian and US markets. Wall street surged as news that of Treasury planning to extend bailout funds to insurers came in.
Despite recovery, markets once again slipped into negative before ending flat. The 30-share BSE index closed higher by 61.52 points at 10,803.86 whereas the 50 share NSE Nifty ended flat at 3,342.05.
Among the sectoral indices most buying was witnessed in realty, metal, bank, consumer durables and capital goods sectors. However, FMCG, auto, pharma and PSU stocks remained under selling pressure.
Leading the BSE rally was Tata Steel by 7.71% to Rs261.20, followed by Jaiprakash Associates by 7.40% to Rs113.90, Reliance Infra by 5.66% to Rs653.15, ICICI Bank by 5.62% to Rs397.70, DFL Ltd by 4.83% to Rs222.25, Sterlite Industries by 3.15% to Rs395.85 and Larsen and Toubro by 2.76% toRs 828.85.
Among the losers Hindustan Unilever Ltd fell by 3.26% to Rs232.95, Mahindra and Mahindra by 3.15% to Rs435.15, Wipro Ltd by 2.80% to Rs274.20, ONGC Ltd by 2.42% toRs 884.95 and NTPC Ltd by 1.30% to Rs194.20.
In the global fron, Asian markets ended in green tracking Wall Street gains. Sentiments in Japan were boosted as government announced larger than expected stimulus package if $154 billion. Japan’s Nikkei ended 3.7% higher and Hong Kong’s Hang Seng gained 2.9%.
Today was the last day of trade for the week as markets will remain close on Friday, 10th April on account of Good Friday.