New Delhi, Mar 3 (IANS): India’s equity indices made massive gains on back of robust global cues along with hopes of a faster economic recovery.
Besides, analysts cited healthy FIIs inflows as a reason for the rise. They invested Rs 2,088.70 crore in BSE, NSE & MSEI in the capital market segment.
Among sectors, metals, banks, IT, realty and pharma gained the most while auto index fell.
Globally, stocks advanced in Asia after a volatile day’s trade on Wall Street as investors focused on optimism that more imminent US stimulus will energise the global economic recovery.
Similar, European stocks extended the week’s gains with cyclical sectors leading the advance as the focus turned away from rising bond yields and toward an economic reopening.
Consequently, the S&P BSE Sensex gained 1,147.76 points, or 2.28 per cent, to 51,444.65 points from the previous close of 50,296.89.
The NSE Nifty50 on the National Stock Exchange closed at 15,245.60, higher by 326.50 points, or 2.19 per cent, from its previous close.
“In a bullish signal, the Nifty has on March 03 filled the downgap made on Feb 26, though it took longer for the gap to be filled. Now the all time high of the Nifty is in sight being barely 186 points away,” said Deepak Jasani- Head of Retail Research at HDFC Securities.
“With momentum on its side, there may not be too many impediments in Nifty achieving this over the next few days.”
According to Vinod Nair, Head of Research at Geojit Financial Services: “Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth.”
“The Indian market was on a rising streak echoing the global sentiment. The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.”
In addition, S.Ranganathan, Head of Research at LKP Securities: “A stellar rally across BFSI and metals powered indices higher today by 2.3 per cent with the market breadth improving dramatically in afternoon trade.”
“Investors cherry-picked into AMC’s, HFC’s and the day also witnessed keen interest in sugar stocks which recorded handsome gains.”