Banks help markets gain over 1%

Wed, 1 Apr Closing

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   Pre-Open   

   09:30 am   

   01:30 pm   

   03:30 pm   

Indian markets finished today's trading day on a strong note. Broader indices gained over 1% as BSE Sensex gained 302 points while NSE-Nifty gained 95 points. Indian markets opened today's trading day on a weak note as core sectors growth data weighed over the Indian markets. Additionally, investors were also wary over the Greece crisis and Iran's inclusion in the nuclear deal got delayed. However, investors gained optimism towards the second half of the trading session. Banks gained investor attention towards the close while healthcare stocks remained strong throughout the trading session.

BSE Mid Cap and BSE Small Cap stocks clearly outperformed today's as midcap companies gained 1.5% while smallcap companies registered gains of over 2.3%. Commodities continue to trade between small gains and profits. While the gold prices, per 10 grams, are trading with a loss of 0.2% or Rs 44; silver prices are trading with losses of 0.1% or Rs 21. Gold prices are available at Rs 26,160 levels while silver prices are available at Rs 37,150 levels. Crude oil prices continue to slide in wake of delay in signing of the nuclear agreement. Crude oil prices tanked over 2% or Rs 66 and per barrel are currently available at Rs 2,959. Dollar value against the Indian Rupee stayed almost unchanged throughout the trading day.

European markets had a thumping start as economic revealed by major economies in Europe suggest that the economic scenario in the Euro zone area is improving. Manufacturing PMI of the Euro zone came in at 52.2 compared to expectations of 51.9. Germany, France and Italian economies provided better than expected manufacturing PMI of 52.8, 48.8 and 53.3 compared to expectations of 52.4, 48.2 and 52.3, respectively.

Share price of Zuari Agro Chemicals spiked 10% on back of reports that the government has declared a uniform gas pricing and has approved the gathering of domestic and imported natural gas. According to a leading financial source, this policy will be effective for urea plants. This will benefit the agriculture and related chemical companies as cost of producing urea in India will be cheaper than that of importing them. This will have a direct impact on the financials.

Oil & Gas stocks gained investor traction as Reliance Industries (RIL) gained about 1% amidst today's rally. RIL the Oil & Gas bellwether, entered into an agreement under the production sharing contract with Myanma Oil & Gas Enterprise (MOGE). RIL won this contract through bidding in 2013. As per the contract, RIL will possess 96% of participating interest while the remaining will be held by United National Resources Development Services Co Ltd (UNRD). The blocks have a depth of about 3,000 sq. feet with an area of 27,600 sq. km.