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| Edited By: Joel Rebello and Sachin P Mampatta |Source: DNA |Updated: Mar 16, 2018, 05:43 AM IST
The markets rose after a volatile day’s trade to end with gains for India as global markets also traded in the green.
“We are at the cusp of a break out. I see a range of 4750 to 4250/4350 on the Nifty. Pharmaceuticals, oil and gas and mid cap infrastructure companies are some sectors that may do well," said Pankaj Vaish head of equities and fixed income markets Nomura Securities. The Nifty was up 1.89%. It closed at 4680.40, rising 86.85 points.
Mahindra and Mahindra was the top gainer of the day, it was up 6.69% to close at Rs. 867.45. Hero Honda was up 4.08% to close at Rs. 1610.90 while Sterlite rose to Rs. 670.05, a gain of 3.95%. Unitech and Jindal Steel also registered gains. There were a total of 46 advances on the Nifty and 3 declines.
Tata Motors, TCS and GAIL were the only three among the Nifty to show some declines. They were all down less than half a percentage point. The Sensex was up 290.79 points or 1.89% in a late surge led by cues from the global market. The bellwether index closed at 15,689.12.
European markets were all in the green with FTSE 100 up 1.38%. In Asia, the Hang Seng was up 2.82% while the Nikkei was down 0.27%. The Shanghai Composite was up 0.58%. Auto was the top gainer of the day, it was up 2.88%. Metal was up 2.76%. Capital goods, oil and gas and realty also closed with gains in excess of 2%.
Pankaj Vaish expressed some concerns about liquidity being affected by a reversal of the interest rate cycle. “We are experiencing some good money flows, but I am concerned about inflation. If the RBI tightening comes before the end of this year then it may not be good because it has not been discounted by the markets,” he said.
