Markets closed in the green with the benchmark and sectoral indices trading higher, and gaining more than the opening highs. The BSE Sensex closed at 33,200 levels at 33, 250 points while the Nifty closed at 10,200 levels at 10,216 points, above its day monthly average (DMA levels).
Auto firms, pharma and IT stocks were the top index gainers today. Maruti Suzuki, Tata Motors, Lupin, Cipla, Sun Pharma, Hexaware, Infosys and TCS helped pull up the indices today.
The Nifty Bank, though opened in the red, gained in intraday trading with HDFC Bank and Kotak Mahindra contributing 350 points.
The Nifty Bank index had fallen largely due to ICICI Bank which lost more than 6% in the noon as the developments in the ICICI-Videocon case unfolded.
Axis Bank also reported losses post the buzz that the bank may have received a notice by the central bank to reconsider their decision to appoint Shikha Sharma as their chief executive for the fourth time. The index's losses were offset by Kotak Mahindra and HDFC Bank.
The market extended gains in the last hour of trade, with the Sensex gaining above 1%. The Nifty Midcap Index ended nearly 2% higher with Tata Global Beverages, Mindtree and Escorts among the top index gainers. The market breadth was in favour of the advances with Advance-Decline ratio standing at 5:1.
Can Fin Homes lost in trade after the divestment plan was called off. Grasim and Bajaj FinServ surged in trade today after being included in the NSE 50-share Nifty.
On the other hand, the global trade wars are beginning to materialise. The Chinese today said that they are rolling out new tariffs on US meat, fruit and other products as retaliation against taxes approved by President Donald Trump on imported steel and aluminium.
The new tariffs are to come into effect on Monday. The markets, in the previous sessions, witnessed a downfall when Trump announced the tariffs.
The US markets, though ended in the green on Wednesday, can have a weak or negative opening today post this announcement which can later affect the global markets tomorrow.
Benchmark indices opened in the green today, with the NSE Nifty standing at 10,150 levels and the BSE Sensex at 33,000 levels. With the March auto sales indicating a boost, the auto firms are likely to pull up the market today.
First Published: IST