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Sensex, Nifty climb almost 1% on positive global cues

12 March 2018

The broader Nifty index was up 85 points or 0.84 percent at 10,312, with IOC, Tata Steel, Tech Mahindra, HCL Technologies and ITC rising 1-3 percent.

FMCG, IT, Teck, oil & gas, metal, capital goods, bankex and auto counters saw heavy buying activity ahead of key IIP and inflation numbers, to be released after market hours today. The S&P 500 Index rose on Friday and the Nasdaq Composite Index soared to a fresh record high after U.S. non-farm payrolls data topped forecasts.

Equity markets on Monday turned encouragingly buoyant as Sensex posted its biggest gain in intra-day trade since March 2016.

The Nifty Private Bank index was trading 0.91 per cent up at 13,892 around 10:10 am (IST).

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Bharti Airtel rallied 5.2 percent on fund raising reports.

"Firm global cues and expectation of ease in domestic inflation to 4.74% excited investors to utilise the bargain opportunity".

Market participants will keep a close eye on domestic macro-economic data releases.

Asian and European markets extended their last weekend's rally after a positive USA jobs report that showed the American economy continued to strengthen without the prior month's rapid wage gains. Shanghai Composite gained 0.59 per cent, Singapore up 0.97 per cent, Hong Kong's Hang Seng edged higher 1.93 per cent and Japan Nikkei up 1.65 per cent.

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However, the BSE market breadth was bearish with 1,384 declines and 1,281 advances.

However, shares of Karnataka Bank (down 0.39 per cent) and South Indian Bank (down 0.20 per cent) were slightly down around that time.

All the sector indices that the BSE compiles ended higher, led by the S&P BSE Telecom index, which gained 2.57%.

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Sensex, Nifty climb almost 1% on positive global cues