SENSEX - 18,943.14 +127.50 (0.68%)
NIFTY - 5,687.25 +33.00 (0.58%)
Indian stock markets rallied to touch 2 month highs in intraday. The Sensex crossed the psychologically important mark of 19,000. At the closing bell the Sensex was at 18,943.14 up 127.50 points while the broader index, the Nifty, closed at 5687.35 up by 33 points.
The positive index seen in the market was due to the fall in the crude oil prices. US crude futures were down 72 cents a barrel or 0.68% to $104.68. This helped ease the worries of rising inflation because of rise in crude. The significant advance made by the Libyan rebels came as good news as it seems that the Libyan crises might end soon and oil supplies will resume. Libya produces 1.7 million barrels of oil daily and thus holds a significant place in world oil suppy.
Another news which boosted investor sentiment was that foreign institutional investors bought more of Indian equity than they sold, late last week. As per provisional figures, foreign institutional investors (FIIs) bought shares worth Rs 1446.18 crore on Friday, 25 March 2011. FII inflow totaled Rs 2302.39 crore in four trading sessions from 22 March 2011 to 25 March 2011 as per data from the stock exchanges.
The fresh FII interest in Indian equities can be attributed to the fact that the government has put forward some key reform bills in the parliament.The government had placed the Banking sector reform bill in the parliament on 22nd March.
Sensex
The market breadth, indicating the health of the market, was negative. On BSE, 1603 shares declined while 1306 shares advanced. A total of 101 shares remained unchanged. The breadth was strong earlier in the day.
On the BSE the sectors that advanced were, Auto (+1.52 %), Capital Goods (+1.27 %) and Bankex (+1.21 %). The sectors that led the fall were Health Care (-1.17 %), Realty (-0.56 %) and Metals (-0.29 %).
In the Sensex pack the top gainers were LIC Housing Finance (+7.93 %), M&M Financial services (+5.52 %), Tata communication (+4.69 %). LIC Housing Finance surged 5.37% following reports that LIC Housing Finance Asset Management Company, a unit of the company, is planning to start a Rs 500-750 crore real estate fund.
NIFTY
Billionaire investor and international investment icon Warren Buffett who was in his maiden visit to India last week said that he hopes to spend some money in India. His firm Berkshire Hathaway is looking to park funds in large investment destinations and India fits the bill perfectly, he said. India, according to him, is not an emerging market but a very big country with a large number of significant businesses. He said that Berkshire Hathaway would look at possible acquisitions in India as and when there were opportunities.
The near term major trigger for the market is Q4 March 2011 results. The Q4 results will start trickling in from about mid-April 2011.
European market edged higher on Monday, 28 March 2011, even as the gains were small. The key benchmark indices in UK, France and Germany were up by between 0.29% to 0.35%.
Asian stocks dropped on Monday, 28 March 2011, as radiation hampered efforts to cool crippled nuclear reactors in Japan, and as company earnings missed analyst estimates. The key benchmark indices in Singapore, Japan, Indonesia, Taiwan and Hong Kong fell by between 0.27% to 0.67%. The key benchmark indices in South Korea and China were up 0.11% and 0.21%, respectively.
US stocks rose on Friday, 25 March 2011, after upbeat results from technology giant Oracle Corp. and on data showing the economy grew more than previously estimated at the end of 2010. The Dow Jones Industrial Average finished up 50.03 points, or 0.41%, at 12220.59. The Standard & Poor's 500-stock index closed 4.14 points higher, or 0.32%, at 1313.80, and the Nasdaq Composite added 6.64 points, or 0.24%, to 2743.06.
US real gross domestic product grew at a 3.1% annualized rate in the fourth quarter, revised up from the 2.8% pace reported one month ago, according to the Commerce Department.
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