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Banks, cap goods drive markets higher
Mon, 2 Mar Closing

Today's volatile session came to an end with the BSE-Sensex gaining about 98 points and NSE Nifty gaining about 55 points. S&P BSE Midcap and S&P BSE Smallcap indices garnered gains of 1.3% and 0.9%, respectively. Indian Rupee is trading at 61.95, up 0.2% while crude oil is trading higher by Rs 10 at Rs 3,073 per barrel. Gold and Silver gained positive momentum with gains of about 0.8% each.

Investor sentiment towards European market has gained traction as better than expected economic numbers impressed investors. These economic numbers includes unemployment and inflation numbers that directly affects the Eurozone's economy. The DAX and FTSE have gained about 0.3% each.

Banks, oil and gas and cement stocks were the major gainers of today's session. Banks namely Axis Bank and Yes Bank gained 5% and 2.3%, respectively. The Finance Minister, Mr. Arun Jaitley had proposed to do away with the difference between Foreign Direct Investment (FDI) and foreign institutional investors (FIIs). With this move, Axis Bank awaits approval of its shareholders to allow the bank increase the FII limit to 74%. FDI, in terms of percentage, in Axis Bank is 52% and the FII limit is 62%.

In a move that could potentially bring in significant domestic funds into the markets, the government has stated that all non-government provident funds will compulsorily have to invest 5% of their corpus in to equities. The finance ministry is in the process of modifying its rules in this regard. The new rules when notified, will apply to all non-government PFs, Superannuation funds and Gratuity funds.

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