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Indian markets recover sharply
Mon, 2 Mar 03:30 pm

BSE Sensex and NSE-Nifty gained momentum in the second half of the trading session after remaining flattish for most part of the trading day. While BSE Sensex gained 0.41% or 120 points, the NSE Nifty gained 0.71% or 66 points. BSE Mid Cap and BSE Small Cap clearly outperformed the market today. The midcap and smallcap indices gained 1.6% and 1% respectively. Precious metals, gold and silver retreated from their day highs and are now trading with a gain of about 0.70% each. While gold is trading at Rs 26,659 per 10 grams, silver is trading at Rs 36,965 per kilogram. The value of Indian Rupee against the U.S. Dollar has increased 0.20% to 61.95.

Like the Asian stock markets Germany's DAX and FTSE too are trading in the green with gains of 0.30% and 0.35%, respectively. While the Asian markets closed in the green as China decided to cut the primary interest rates, European markets are trading positively because of the stimulus measures are just days ahead.

Automobile sector witnessed a sell-off owing to weak numbers revealed by a major automobile company. Shares of Bajaj Auto fell nearly 4% after the company said that the sale volumes of motorcycles for the month of February declined by 21% YoY. The sales figure of the company stood at 216,077 units for the month of February. Furthermore, the company also said that it export figures have fallen by 20% YoY to 112,909.

Construction sector remained flat during today's session. However, stock price of GMR Infrastructure crashed by as much as 7% as the board members of GMR decided to raise capital to the tune of Rs 14 bn via rights issue. The issue price of the shares has been decided at Rs 15 per share with a Face Value of Re 1. In July last year, the company had raised capital of about Rs 14.8 bn via a different route.

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