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| Edited By: Sachin P Mampatta |Source: DNA |Updated: Mar 17, 2018, 02:02 AM IST
Reliance was the main contributor to the rise in the markets today. According to media reports, the company is talking to a number of banks to raise up to Rs50,000 crore in capital for its acquisition of LyondellBasell, one of the world's largest petrochemcial companies. Infosys and Bharti Airtel followed close behind in their contribution to the rally.
The Sensex was up 244.54 points to close with a 1.44% gain. The index closed at 17227.68, just ten points below its intra-day high of 17,237.79. It also hit a low of 16,964.11 during the day.
Lower participation is leading to volatility, feel some experts. “There is not much participation from the retail side, and institutional investors are going slow as well, and this leads to some volatility in the markets,” said Daljeet Kohli, head PCG Research at Emkay Global Financial Services Ltd.
The realty index was the top gainer of the day, rising 3.27 %. Consumer durables rose 2.29%, while the metal index was up 2.15%.
The Nifty closed at 5147.95 with 43 of the fifty stocks comprising the index registering gains and seven ending with losses.
Unitech was the top gainer amongst the Nifty companies. It rose 4.95% to close at Rs91.15. Bharti Airtel gained 4.71%. DLF, Ambuja Cement and Jindal Steel were the other gainers of the day.
Cipla was the top loser of the day, dropping over Rs3 or 0.94% to close at Rs348.50.
SBI, Maruti, Ranbaxy and Hero Honda also ended with marginal losses.
Indian indices were the toast of Asia, as all other major indices ended in the red. The Hang Seng was down 1.18%, the Shanghai Composite was down 1.06% and the Nikkei and Kospi also closed with losses.
European indices closed with average losses of 1% at 5:30 IST.
Indian markets are likely to remain confused for some time yet, feels Daljeet Kohli.
“The markets are likely to show similar behavior till the end of the month. Fresh allocations in January, a clearer view on the dollar and central bank actions will lend direction to the markets in the new year,” he said.
