Revelry in markets as healthy IIP pushes Sensex, Nifty over one-month high

Mumbai: The benchmark BSE Sensex today regained 29,000-level to settle at over one-month high of 29,044.44 by rising 165.06 points, whereas NSE Nifty rose for the seventh straight session as investor sentiment got a boost from better-than-expected factory output.[caption id=“attachment_2071547” align=“alignleft” width=“380”]  Cheerful day. AFP[/caption] The Index of Industrial Production (IIP) grew at a nine-month high of 5 per cent in February on improved mining and manufacturing activity. Today’s closings of both the indices are their highest since 5 March. “Markets opened for the day slightly higher than Friday close and remained sideways with mild bullish tone for the day,” Rakesh Goyal, Senior Vice President, Bonanza Portfolio. In volatile movements, the 30-share Sensex opened firm at 28,955.13 and quickly regained the 29,000-mark on sustained buying activity. But, on emergence of profit-booking it slipped into negative zone to touch day’s low of 28,843.94. However, it staged a strong comeback at the fag-end to hit the day’s high of 29,072.51, before settling 165.06 points or 0.57 percent higher at 29,044.44. Shares of L&T saw brisk buying and gained 2.30 percent on the Sensex after it signed an agreement with France’s Areva for manufacturing of nuclear plant equipment. The 50-share NSE Nifty ended above the 8,800-level by rising 53.65 points or 0.61 per cent to 8,834.00 after shuttling between 8,841.65 and 8,762.10 intra-day. On BSE, besides auto and realty indices, rest 10 others finished with gains with consumer durable, healthcare, capital goods, power and refinery segments at the forefront. Market participants are now looking at consumer price index to be released later today and wholesale price index to be published tomorrow. The fourth quarter earning numbers to be announced by key companies this week will decide the future course of action, they said. “Despite expected positivity in Nifty, we suggest short term traders to keep their stocks specific leveraged positions hedged as we usually see volatile moves during the earning season,” said Jayant Manglik, president-retail distribution at Religare Securities. Globally, in Asian region, markets ended mixed while European stocks were little changed in their early trade. In global markets, Asian stocks, barring Japan finished higher. Key indices in China rose 2.17 percent, while Hong Kong gained 2.73 percent, Singapore 0.36 per cent, South Korea 0.53 percent and Taiwan 0.51 percent. European stocks too were quoting higher in their late morning deals. France’s CAC was up by 0.05 percent, Germany’s DAX by 0.05 percent and the UK’s FTSE 0.70 percent. Back home, FPIs picked up shares worth Rs 362.79 crore while the DIIs sold shares worth Rs 135.18 crore last Friday, as per provisional data. Jignesh Chaudhary, head of research, Veracity Broking Services said: “Local indices ended strong as overall sentiment remained positive with hopes of more economic stimulus measures from Beijing amid weak Chinese data. Bluechips stock continued to gain with L&T leading the way after signing an agreement with France’s Areva.” Overall, 17 shares from the Sensex pack ended with gains. Bharti Airtel was the top gainer with a rise of 3.18 percent, followed by BHEL 2.98 percent, Sun Pharma 2.69 percent, L&T 2.30 percent, RIL 2.07 percent, HUL 1.74 percent, Cipla 1.51 percent and Tata Power 1.27 percent. However, M&M dropped by 2.58 percent, followed by Hindalco 1.38 percent, GAIL India 1.13 percent and SSLT 1.06 percent. Market breadth also remained positive as 1,703 stocks closed with gains while 1,124 settled with losses with 137 held stable. Total equity turnover dropped further to Rs 3,079.67 crore from Rs 4,102.86 last Friday. Markets will remain closed tomorrow for Baba Saheb Ambedkar Jayanti. PTI