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Published: Wed, April 05, 2017
Economy | By Melissa Porter

Indian benchmark indices end higher on Wednesday

Indian benchmark indices end higher on Wednesday

Short-covering by participants with today being the last trading session of March series contracts in the derivatives segment supported the Sensex march, brokers said.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity markets witnessed a firm trend throughout the session and bulls took good control of the benchmark CNX Nifty index mainly due to continuation of strong buying.

However, the scrip erased early gains and closed up 3.93 per cent at Rs 1,319.20.

Banking behemoth State Bank of India rose as much as 1.8 percent to its highest in a little over 22 months and was among the top percentage gainers on the NSE index.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,633.91 points, provisionally closed at 29,620.50 points (at 3.30 p.m.) - down 26.92 points or 0.09 per cent from the previous close at 29,647.42 points.

Axis Bank, HDFC Bank, ICICI Bank, Yes Bank, Bank of Baroda and IndusInd Bank were among the losers from the banking space.

On the currency front, the Indian rupee strengthened by 14-15 paise to 64.90-91 against a U.S. dollar from its previous close of 65.04 on Monday.

The market breadth remained positive as 1,625 stocks ended higher, 1,118 declined, while 230 ruled unchanged. Immediately after serving the formal notice to exit the European Union, U.K. Prime Minister Theresa May proposed a trade deal that would enable banks to maintain easy access to the regional economy.

Shares of Arshiya Ltd, Allcargo Logistics, Transport Corp of India, Blue Dart Express, Snowman and Container Corp of India ended higher by up to 4.98 per cent. Hong Kong's Hang Seng was down 0.48 percent while Japan's Nikkei was up 0.66 per cent in early trade today. The Dow Jones Industrial Average ended 0.29 per cent lower in Friday's trade.

Auto stocks fell after the Supreme Court reportedly banned sale of existing stocks of Bharat Stage III vehicles from 1 April 2017. FACT (Fertiliser and Chemicals Travancore) closed higher by 13% at Rs 41.6 per share, RCF closed higher by 9.4% at Rs 81.75 per share.

Overseas, Asian markets closed lower as the quarter drew to a close, with investors ignoring better-than-expected USA economic growth data.

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