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Sensex rings in FY19 with 287-point rise, Nifty50 ends above 10,200

Domestic equity benchmarks Nifty50 and Sensex witnessed sharp gains on the first trading session of financial year 2019 on rally in auto and pharma stocks.

Domestic equity benchmarks Nifty50 and Sensex witnessed sharp gains on the first trading session of financial year 2019 on rally in auto and pharma stocks.

The 30-share Sensex closed 287 points, or 0.87 per cent, up at 33,255, while the Nifty index settled 98 points, or 0.97 per cent, up at 10,212. On BSE, 2,104 stocks advanced compared with 532 decliners.

BSE Midcap and Smallcap indices closed 1.40 per cent and 2.35 per cent up,

“Market witnessed intermittent volatility, but managed to trade with gains. Barring banks, all other sectoral indices on NSE traded in the positive zone. Metals and mining stocks traded on a firm note as copper prices rose in the global commodity markets,” said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas MF.

Healthy and sustained buying across the spectrum amid firm global cues boosted investor sentiment. Value buying was observed in all sectors and barring oil & gas and bank, each sector registered a positive closing on BSE on Monday.

Auto stocks hogged limelight on Monday with Maruti SuzukiBSE 1.65 % and Tata MotorsBSE 3.47 % figuring among top gainers, buoyed by upbeat March sales numbers.

While Tata Motors reported on Sunday a 35 per cent increase in total sales in March, country’s largest car-maker Maruti Suzuki India (MSI) reported a 14.9 per cent increase in total sales in March.

Adani Ports, Kotak Mahindra Bank, Hero MotoCorp and Wipro remained among the top gainers of the day.

Shares of Dilip Buildcon climbed 10 per cent on Monday after Bank of America Merrill Lynch (BofAML) initiated coverage on the stock with ‘Buy’ rating citing superior execution to underpin a scaling up.

On the other hand, ICICI BankBSE -5.93 %, Axis Bank, State Bank of India, Coal India and Bharti AirtelBSE -1.12 % remained the losers on Monday’s session.

ICICI Bank closed down 6 per cent on Monday after an ET report suggested that the CBI will soon call Videocon Chairman Venugopal Dhoot and ICICI Bank chief Chanda Kochhar’s husband Deepak Kochhar for examination in the loan transaction case. Besides, the RBI has penalised the lender for selling stipulated debt securities in violation of regulatory directions.

Axis Bank fell over 2 per cent on Monday after the Reserve Bank of India asked the lender’s board to reconsider the fourth three-year term it handed to CEO Shikha Sharma last year.

Asian stocks posted mild gains on Monday in the wake of decent gains in global stocks last week, Reuters reported.

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