Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Indian equity shares surged close to 2 per cent on value-buying in blue-chips, while strength in global markets also boosted the domestic sentiment.
The 30-share BSE index Sensex soared 517.22 points or 1.88 per cent to 27,975.86 and the 50-share NSE index Nifty rose 150.90 points or 1.81 per cent to 8,492.30.
The BSE index posted its biggest single-day gain in two-and-a-half months as lenders such as State Bank of India rose after the central bank relaxed the provisioning rules against bad loans.
The Reserve Bank of India on Monday said it would allow banks to set aside up to 50 per cent of floating provisions from 33 percent. Floating provisions are the amount that banks set aside that are above the mandatory provisioning requirement against bad loans established by the central bank.
The announcement spurred additional gains in shares, helping the 50-share NSE index snap an eight-session losing streak in which the gauge lost 4.4 per cent, compared with a 1.5 per cent gain in the MSCI Asia Pacific Ex Japan index.
The general sentiment was bullish as markets across the region were trading higher with China stocks nearing a seven-year peak on hopes for more infrastructure spending and policy stimulus, while oil prices suffered further from excess supply.
Sectoral indices
All BSE sectoral indices ended significantly in the green. Among them, capital goods index was the star-performer and was up 2.82 per cent, followed by realty 2.19 per cent, PSU 2.19 per cent and FMCG 2.11 per cent.
Gainers, losers
Top five Sensex gainers were Bharti Airtel 3.55%, HDFC 3.52%, ONGC 3.49%, ITC 3.41% and Coal India 3.27%, while the only three losers were Hindalco 1.61%, Tata Power 0.73% and Reliance 0.17%.
With both Sensex and Nifty down 9% from March peaks, it is no wonder that bargain hunting is emerging
— lokeshwarri sk (@lokeshwarri) March 30, 2015
Brokers' comment
Traders said concerns about rising tensions in West Asia and that India's earnings growth would be protracted compared to estimates had been overdone, while the start of a new derivative series and a new fiscal year on Wednesday also helped.
"Value is emerging after tax management-led losses in the previous derivative series," said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm, adding at least 5 per cent upside was expected in the next two-three months.
Global markets
Shares rose on Monday with Asian stocks buoyed by stimulus hopes to boost China’s economy, but the euro slipped on more concern about Greece’s finances.
In Europe, a rally in technology shares, tracking Friday’s surge in the US tech sector, helped equities bounce back from losses last week, although Athens’ stock market was down on concern about whether the country will be able to reach agreement with its creditors.
Germany’s DAX index rose 1.5 per cent, Paris gained 1.2 per cent and the overall FTSE Eurofirst index of 300 leading European companies was up by 1.1 per cent.
Please Email the Editor