After a strong rally through on day one of the April F&O series, the markets closed firm on Friday. The benchmark Sensex breached the 22,000 mark again to close at 22,340 up 126 points or 0.57 per cent.The Nifty too closed at 6,696 up 54 points or 0.82 per cent.

On the BSE, all sectoral indices closed in the green led by power and realty sector which rallied the highest to close up 3.02 per cent and 1.61 per cent respectively from their previous close on Friday.

According to marketmen, the strong performance of the market was owing to stellar performance of PSU bank stocks, positive expectation of a stable government post elections, firm FII flows and improvement in macro fundamentals.

Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services said: " Yesterday's higher rollover at healthy premium, indicated a positive outlook on the benchmark indices for the coming weeks. Markets opened positive but profit booking pared much of initial gains by noon. However in the last hour of trade, markets witnessed higher buying interest post rupee breaching Rs 60 against dollar. "

"CNX PSU Bank index on Nifty closed 4.73 per cent higher as RBI extended implementation of Basel III norms. Other sectors that gained includes high beta sectors like metals, realty and energy. Though the new series has opened with a strong momentum, its sustainability is unknown. As RBI's meet scheduled on Tuesday is most likely to turn out to be non event, caution is advised," he added.

Volatility was up with the volatility index closing at 19 up around 1.40 per cent.

PNB, Bank of Baroda, Tata Power, Hindalco, Tata Steel and Ultratech Cements were the top Nifty gainers while Cairn, ONGC, ITC,Tech Mahindra and Maruti were the top laggards.

(This article was published on March 28, 2014)
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