The Hindu Business Line : Markets upbeat on heavy buying

Mumbai April 9 Stock markets posted huge gains for the fourth consecutive session on Monday on heavy buying by both domestic and foreign institutional investors, said dealers. Firm global cues also helped markets to gain momentum.

The BSE-30 benchmark index Sensex rose 321.66 points or 2.5 per cent to end higher at 13,177.74. NSE S&P CNX Nifty index closed at 3,843.50, up 2.44 per cent.

Banking, FMCG and metal indices were among the top gainers in the sectoral indices. Both FIIs and domestic funds bought across the sectors. FIIs were net buyers at Rs 493.36 crore, as per provisional figures on the NSE.

"Build up has been in the technology stocks ahead of the corporate result of Infosys on April 13. Markets usually gain prior to results," said Mr Ravindra Kasliwala of broking firm Inventure Growth and Securities.

"Buying momentum is back in the markets," he added.

Tata Steel was the biggest gainer in the Sensex, up 6.04 per cent at Rs 493.30, followed by ITC, up 4.9 per cent at Rs 155.35, and Maruti Udyog, up 4.57 per cent at Rs 790.25.

The market breadth was positive, with stocks of 1,915 companies advancing while 613 declined. Volumes were good, with the turnover on the BSE at Rs 3,092.91 crore.

Meanwhile, the 10-year government bond yields fell by about eight basis points (prices rose by about 53 paise) on improved liquidity in the banking system.

Banks placed over Rs 9,000 crore with RBI through the reverse-repo window while the central bank accepted Rs 3,000 crore.

"The market was expecting an MSS auction last week but it was not conducted. There will be an auction worth Rs 10,000 crore on Thursday, which will decide the liquidity situation in the market," said a dealer at a private bank.

The 8.07 per cent-10 year-2017 paper opened at Rs 99.10 (8.21 per cent YTM) and closed at Rs 99.68 (8.12 per cent YTM) against the previous close of Rs 99.15 (8.20 per cent YTM) on Thursday.

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