Rally in banks helped the 50-share NSE Nifty end March series at record closing high on Thursday. Clearance to all four GST bills in the Lok Sabha also boosted market sentiment, raising hopes for timely implementation of GST with effect from July 1.
Overall it was a volatile session as traders rolled over their futures & options positions from March series to April series. The NSE Nifty gained 29.95 points at 9,173.75 while the BSE Sensex was up 115.99 points at 29,647.42, backed by HDFC Bank and Reliance Industries.
Experts maintained bullish stance on market, especially due to consistent progress towards likely implementation of GST from July 1 and after landslide victory of BJP in Uttar Pradesh.
The broader markets also gained momentum, with the BSE Midcap rising 0.4 percent and Smallcap up nearly a percent. About two shares gained for every share falling on the exchange. Nifty Bank ended at record closing high of 21,620.70, up 1.07 percent as Punjab National Bank, IndusInd Bank and SBI gained 1-3 percent. Investors awaited announcement on NPA resolution from the government.
HDFC Bank and Adani Ports were leading contributors to Sensex’ gains, up 2.51 percent and 5.77 percent on value buying, respectively. Larsen & Toubro ended up 0.1 percent after construction and hydrocarbon divisions bagged orders worth Rs 5,725 crore. Among others, Bharti Airtel, M&M, Wipro, Cipla and GAIL gained 1-1.7 percent whereas Infosys, HDFC, Axis Bank, ONGC, Tata Motors and Tata Steel were down 0.4-1.3 percent.