Market started a new financial year on a positive note

Market ended green on the first working day of the Financial Year 2018-19. BSE Sensex and Nifty dropped 0.87% and 0.97% respectively at the end of the day’s trading. The S&P BSE Sensex gained 286.68 points to close at 33,255.36 points while the Nifty concluded at 10, 211.80  points 98.10 points higher.

“Indian markets started the first trading day of the week, months and fiscal year on buoyant note despite the cautious global sentiments. Markets witnessed intermittent volatility but managed to trade with gains. The benchmark Sensex traded above psychologically important 33000 marks to finally close the days gain of over 0.50%. The Nifty trade above the 10000 mark to close the day with similar gains”, said Karthikraj Lakshmanan, Senior Fund Manager-Equities at BNP Paribas Mutual Fund.

Kotak Bank, Adani Ports, Tata Motors, Wipro, Cipla, and Lupin were top gainers while ICICI Bank, SBI, Axis Bank, Indian Oil Corporation Limited, Coal India and Bharti Airtel were major losers.

“Barring the Banking indices, all other sectoral indices on the NSE traded in the positive zone. Metals and mining stocks traded on a firm note as copper prices rose in the global commodity markets”, added Lakshmanan.

S & P BSE Bankex was down by 0.37%.

The BSE Midcap gained 1.40% to conclude at 16,186.32 and the BSE Smallcap ended at 17,394.27 to conclude the day’s session 2.35% higher.

Among the global markets, Shanghai Composite and Nikkei ended red. Hang Seng closed green while FTSE 100 and DAX was trading green at the time of writing this copy. The previous closing for S&P 500 of the US was on the positive note.

In the precious metal section, gold gained 0.58% to close at Rs 30,585 while the crude oil closed 0.14% high at 4,240.