Bulls fought back to lift indices over a per cent higher
Published On: Friday, March 19, 2021 | By: Team KnowMyStock
Today (19th March 2021) bulls fought back to lift indices over a percent higher. A drop in the US Treasury yield and a GDP growth upgrade by Moody's for India helped the markets snap a 5-day losing streak. Tracking sluggishness in the global markets, the domestic equity markets opened in a sea of red with the frontline indices dropping over a percent. The dip was, however, quickly bought-into, pushing markets in the positive territory in less than two hours into the trade. Mood in the global markets changed after the US Treasury yields slipped to 1.5 percent from Thursday's high of 1.74 percent. Back home, Moody's Analytics said India's economy is likely to grow by 12 percent in CY2021 following a 7.1 per cent contraction last year as near-term prospects have turned more favourable.
Consequently, bulls reigned on Dalal Street for the first time in six days riding on the back of FMCG and metal counters. Both, the Nifty FMCG and Metal indices, ended over 2 per cent higher each, followed by gains in the Nifty Pharma and PSU Bank indices, up over 1 per cent. Other indices settled with less than a per cent gains, while the Nifty Realty index ended in the red, down 0.7 per cent.
Among the key headline indices, the 50-share barometer on the NSE closed above the 14,700-mark at 14,744 levels, up 186 points or 1.28 per cent. The 30-share benchmark Sensex, on the other hand, advanced 642 points, or 1.3 per cent, to end at 49,858 levels. In the intra-day deals, the Sensex and the Nifty touched 50,003 and 14,788, respectively jumping 1,416 and 350 points from day's low.
In the broader markets, the S&P BSE MidCap and SmallCap indices closed 1.35 per cent and 0.4 per cent higher, respectively.
Tags: Indiam markets Sensex Nifty
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