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Sensex Surges 286 Points, Nifty Settles Above 10,200; Auto, Pharma Stocks Lead Gains
02 Apr 2018, 06:59 PM IST 
Auto, pharma stocks were among the top gainers.
- A rally was witnessed in auto stocks, riding on the back of robust monthly sales. The Nifty Auto index settled 2.2 per cent higher, with index components TVS Motor, Tata Motors and Maruti Suzuki closing 6.6 per cent, 3.8 per cent and 1.7 per cent higher, respectively.
- "Markets rallied on account of stellar auto sales and value buying of pharma stocks influenced by USFDA approvals. US stock futures dropped and other Asian markets reversed an early advance, where volume was low as many markets remained closed... Back home investors are focusing on upcoming RBI policy while consensus shows status quo on key rates due to declining yield and inflation," said Vinod Nair, head of research, Geojit Financial Services Ltd.
- Among pharma companies, Cipla and Lupin rose 6.10 per cent and 5.30 per cent respectively, Sun Pharma ended 2.6 per cent higher while Glenmark Pharma finished 4 per cent up.
- "Most domestic stocks edged higher on positive clues from Asian stocks... Key benchmark indices held firm after hitting fresh intraday high. The BSE Sensex traded above the psychological 33,000 mark after gyrating above and below that level in intraday trade," said Rahul Sharma, Senior Research Analyst at Equity99.
- The BSE Sensex had hit an intraday high of 33,289 during Monday's session.
- The broader markets posted strong gains. The BSE midcap index rose 1.4 per cent while the bourse's small cap index settled 2.35 per cent higher.
- ICICI Bank Ltd finished the day 5.9 per cent lower after news agency Reuters reported that the bank's lending practices were the subject of a CBI investigation. The probe reports came after the Reserve Bank of India fined the lender for not sticking to certain rules around the sale of government securities.
- Banking stocks will be in focus this week with RBI's monetary policy announcement scheduled for this week which is expected to remain unchanged, Mr Sharma added.
- A recovery in global markets also bolstered sentiment. Asian stocks began the new quarter on Monday with modest gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators.
- MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent.
(With agency inputs)
