Bank, Metal Stocks Lead Markets Higher, Sensex Jumps Over 200 Points: 10 Things To Know

Gains were supported by buying witnessed in PSU bank, metal and pharma stocks.

Market | NDTV Profit Team | Updated: March 27, 2018 11:42 IST

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Bank, Metal Stocks Lead Markets Higher, Sensex Jumps Over 200 Points: 10 Things To Know

Among metal stocks, Tata Steel, JSPL, Jindal Stainless Hisar and SAIL rose

The BSE Sensex started Tuesday's session on a positive note, rising as much as 244 points supported by PSU bank, metal and pharma stocks. The National Stock Exchange benchmark index Nifty rose 74 points to touch 10,205 in early morning deals. Top gainers in the Nifty 50 included Hindustan Petroleum, Indian Oil, SBI, Bajaj Finance and Tata Steel - up between 1.8 per cent and 3 per cent. Shares in the other Asian markets rose sharply as reports of behind-the-scenes talks between the United States and China rekindled hopes a damaging trade war could be averted, in turn sapping the strength of the dollar and yen.

Here are 10 things to know about Tuesday's trading session:

At 11:30 am, 31 stocks on the Nifty 50 were trading in the positive zone.
Among banking stocks, SBI, PNB, Bank of Baroda, Kotak Mahindra Bank and Axis Bank were trading around 1.6 per cent higher. Finance stocks such as LIC Housing Finance, Power Finance Corporation, Shriram Transport Finance, M&M Financial Services, Bajaj Finance were up around 2-3 per cent.
Metal stocks also boosted the indices. The NSE's sub-index for metal stocks, called Nifty Metal, was up over 0.8 per cent. Among Nifty Metal components, JSPL, Jindal Stainless Hisar, SAIL, Hindalco Industries and Tata Sponge Iron were trading with gains of 1-4 per cent.
10,200-10,227 is likely to act as resistance whereas 10,050 is expected to act as intraday support for Tuesday's session, according to Ruchit Jain, equity technical analyst, Angel Broking.
Midcaps outperformed, with the Nifty Midcap 50 rising 1.2 per cent. Biocon, Dalmia Bharat, IDFC Bank, Divis Laboratories and IDBI Bank were trading between 3 per cent and 4.5 per cent higher.
Bandhan Bank made a stellar market debut, with the shares rising as much as 33 per cent on the NSE, compared with the issue price of Rs 375.
In the other Asian markets, equities took their cue from a surge on Wall Street, with Japan's Nikkei climbing 1.7 per cent and China blue chips adding 1.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 1 per cent. South Korea's KOSPI climbed 0.7 per cent.
Overnight on Wall Street, the Dow jumped 2.84 per cent, while the S&P 500 climbed 2.72 per cent and the Nasdaq 3.26 per cent.
Tuesday marked the second last session of financial year 2017-18.
The Indian equity markets will be shut on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.

(With agency inputs)

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