Market gains 200 pts, Nifty opens March series above 10,850; SBI Life plunges 10%
Benchmark indices started off the last day of the week on a strong note after three-day fall. Likely de-escalation between India and Pakistan after Pakistan Prime Minister announced that his country will release captured IAF Wing Commander lifted sentiment.
The 30-share BSE Sensex rallied 223.53 points to 36,090.97 and the Nifty50 rose 63.80 points to 10,856.30 on the first day of March series. The Indian rupee has opened marginally lower at 70.74 against the US dollar, against Thursday's close of 70.72 a dollar. Tractor maker Escorts said its agri machinery segment (EAM) in February 2019 sold 7,240 tractors registering a growth of 12 percent against 6,462 tractors sold in February 2018.
Domestic tractor sales in February 2019 at 6,918 tractors increased 9.9 percent against 6,295 tractors in February 2018. Export grew by 92.8 percent to 322 tractors against 167 tractors sold in February 2018. Benchmark indices were higher in pre-opening trade. The Sensex gained 76.79 points at 35,944.23 and the Nifty rose 52.50 points to 10,845.
DHFL plunged 10 percent after ICRA has withdrawn its rating and CRISIL downgraded the rating. The index stayed on the volatile ground in a narrow range of 10,850 to 10,780. Nifty has formed Shaven Top which implies that sellers were active from initial ticks but not stronger enough to pull prices on the lower side, Emkay said.
In spite of being on the volatile ground, the index is operating within its 11-week range of 11,100 to 10,600, it added.
So going forward index seems to be the cusp of a sideways move, according to the research house.
Below 10,770 index can face more selling pressure and on higher side 10,880 seems immediate resistance point, it said.
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