Markets end higher for 6th straight session

Markets end higher for 6th straight session
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Mumbai, Mar 18: Extending its winning streak to the sixth consecutive session, the BSE sensex gained over 70 points on Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country’s trade deficit amid positive global cues.
The 30-share benchmark advanced to hit a high of 38,369.59 as buying activity gathered momentum. However, investors locked in gains pushing the key index into the negative zone to hit a low of 37,952.10 before bouncing back to end 70.75 points, or 0.19 per cent higher at 38,095.07.
Likewise, the 50-stock NSE Nifty finished 35.35 points, or 0.31 per cent, higher at 11,462.20 after hitting the day’s high of 11,530.15 and a low of 11,412.50.
Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment, according to market experts.
The marginal 2.44 per cent increase in exports as well as lower imports of gold and petroleum products in February significantly narrowed the country’s trade deficit to $9.6 billion, data released by the commerce ministry on Friday showed.
India’s merchandise exports rose to $26.67 billion in February from $26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics.
On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Friday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed.
BUZZING STOCKS
Shares of Bajaj Finance ended nearly 3 per cent higher at Rs 2,941 apiece on BSE.
Maruti Suzuki India (MSIL) dipped 4 per cent to Rs 6,780 on the BSE in the intra-day trade on reports of production cut due to slower demand. The stock, eventually, closed at Rs 6,910 apiece on BSE, down nearly 2.6 per cent.
Shares of Lupin slipped 6 per cent to Rs 741 on the BSE during the day after the drug maker’s Somerset facility was classified as Official Action Indicated (OAI) by the US health regulator. It ended at Rs 754.50 apiece on BSE, down nearly 4 per cent.
SECTOR WATCH
Shares of real estate companies rallied up to 18 per cent in the intra-day trade on Monday, after global investment firm Blackstone and Embassy Office Parks on Friday raised Rs 1,743 crore from anchor investors ahead of the India’s first real estate investment trust (REIT) issue that opened today (March 18).
Nifty Bank ended at 29,596, up 0.73 per cent with 10 components advancing and 2 declining.
GLOBAL MARKETS
Global stocks rose to their highest in five months and the dollar dipped as traders began to price in an accommodative stance from the US Federal Reserve at its policy meeting this week. MSCI’s All-Country World index, which tracks shares in 47 countries, was up 0.3 per cent on the day.
E-mini futures for the S&P 500 were higher by 0.06 per cent, indicating a positive open on Wall Street later in the day.
Oil prices were just off their highest for the year so far. US crude was last down over half a per cent at $58.2 a barrel, while Brent crude futures lost 0.4 per cent to $66.88.