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Sensex spurts over 481 pts; Nifty reclaims 11,300-level

Wednesday, March 13, 2019

Market benchmark Sensex yesterday rallied over 481 points, riding on a host of positive factors like sustained foreign fund inflows, stronger rupee and chances of the incumbent NDA government coming for a second term.

Besides, gains in global equity markets also had its impact on domestic bourses.

The 30-share BSE gauge settled 481.56 points, or 1.30%, higher at 37,535.66. The broader NSE Nifty reclaimed the psychological 11,300-level and closed with gains of 133.15 points, or 1.19%, at 11,301.20.

In the Sensex pack, Bharti Airtel was the top performer, surging 4.61%.

Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69%.

Bucking the overall trend, Bajaj Finance, ONGC, NTPC, Coal India, Yes Bank, Bajaj Auto, SBI and Hero MotoCorp fell as much as 1.13%.

IT stocks too came under pressure amid strengthening rupee, with Infosys, TCS, Tech Mahindra and MindTree falling up to 1.22%.

In a constant boost for investor sentiment, the rupee closed with 18 paise gains at 69.71 against the dollar yesterday.

In March, the Sensex has so far rallied 1,668.22 points and the Nifty soared 508.4 points.

The 30-share index has gained 864.23 points in the past two sessions, while the broader NSE gauge added 265.8 points.

Analysts said the much awaited flows of money form the foreign institutional investors seem to have started at least for the time being, which is a prominent factor leading to this pre-election rally. Lok Sabha elections will begin on April 11 and will be held over seven phases followed by counting of votes on May 23.

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