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Sensex reclaims 37,000 mark
(11-Mar-2019  , 16:28 Hours IST)

The market clocked steep gains on Monday, 11 March 2019, following the announcement of general election 2019 dates on Sunday by the Election Commission of India (EC). The Sensex settled above the psychological 37,000 mark after moving above and below that level in intraday trade.

The Sensex rose 382.67 points or 1.04% to settle at 37,054.10, its highest closing level since 19 September 2018. The index rose 434.76 points, or 1.19% at the day's high of 37,106.19. The index rose 54.96 points, or 0.15% at the day's low of 36,726.39.

The Nifty 50 index rose 132.65 points or 1.2% to settle at 11,168.05, its highest closing level since 19 September 2018. The index rose 145.50 points, or 1.32% at the day's high of 11,180.90. The index rose 24.45 points, or 0.22% at the day's low of 11,059.85.

The S&P BSE Mid-Cap index gained 1.96%. The S&P BSE Small-Cap index gained 1.61%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1758 shares rose and 893 shares fell. A total of 192 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 5.55%), the S&P BSE Oil & Gas index (up 2.85%) and the S&P BSE Metal index (up 2.5%), outperformed the Sensex. The S&P BSE IT index (down 0.06%), the S&P BSE Bankex (up 0.92%) and the S&P BSE Realty index (up 0.93%), underperformed the Sensex.

Index heavyweight Reliance Industries gained 2.72% to Rs 1301. Telecom major Bharti Airtel advanced 8.08% to Rs 333.70.

Power Grid Corporation of India (up 3.90%), Coal India (up 3.80%), Vedanta (up 2.52%), Tata Steel (up 2.51%), Asian Paints (up 2.34%) and Hero MotoCorp (up 2.24%), were the other major Sensex gainers.

IT shares were mixed. Persistent Systems (up 3.76%), MphasiS (up 1.37%), Wipro (up 1.23%), MindTree (up 0.41%) and Oracle Financial Services Software (up 0.06%), edged higher. Infosys (down 0.13%), HCL Technologies (down 0.39%), Tech Mahindra (down 0.42%) and Hexaware Technologies (down 2.39%), edged lower.

TCS fell 0.41%. TCS has launched a new version of the Metadata Registrv and Transformation (MRT) Platform that helps life sciences companies streamline their clinical data management by automating clinical study design and set up and conversion of clinical data into standard formats for greater interoperability across the clinical trial phases. The announcement was made during market hours today, 11 March 2019.

Banks shares rose. Among private sector banks, Federal Bank (up 4.11%), Yes Bank (up 1.68%), ICICI Bank (up 1.55%), Kotak Mahindra Bank (up 1.10%), RBL Bank (up 0.64%), City Union Bank (up 0.27%), Axis Bank (up 0.25%) and HDFC Bank (up 0.12%), edged higher. IndusInd Bank fell 0.21%.

Among public sector banks, Punjab & Sind Bank (up 8.05%), Union Bank of India (up 5.75%), Syndicate Bank (up 4.46%), Bank of India (up 3.77%), Indian Bank (up 3.51%), IDBI Bank (up 3.46%), Central Bank of India (up 3.33%), Bank of Maharashtra (up 3%), Punjab National Bank (up 2.33%), Andhra Bank (up 2.25%), State Bank of India (up 1.97%), Bank of Baroda (up 1.89%), Canara Bank (up 1.61%), UCO Bank (up 0.52%) and United Bank of India (up 0.09%), edged higher. Allahabad Bank (down 0.44%) and Corporation Bank (down 0.5%), edged lower.

Kalpataru Power Transmission rose 3.87%. Kalpataru Power Transmission said it has secured new orders/notification of award of Rs 1,288 crore. The company's transmission & distribution business has secured projects worth Rs 771 crore, primarily in international markets. The firm has won two projects in oil and gas business totalling Rs 517 crore. The announcement was made during trading hours today, 11 March 2019.

Meanwhile, Lok Sabha elections will be held in seven phases from April 11 to May 19 and counting will take place on May 23. However, elections for the Jammu and Kashmir Assembly, will not be held along with the Lok Sabha polls due to security reasons, the Election Commission said on Sunday.

Overseas, European stocks were trading higher, lifted by the oil and mining sectors. Most Asian stocks edged higher as Chinese markets rebounded on hopes of more policy support for the slowing economy. China's central bank on Sunday pledged to increase loans and lower borrowing costs after a sharp drop in bank lending in February.

Investors awaited more details about US - China trade talks. US stocks finished lower Friday for a fifth session in a row, after a disappointing jobs report added to concerns about slowing global growth.

Labor Department announced the U.S. economy added just 20,000 new jobs in February. The unemployment rate fell to 3.8% from 4%, while workers saw an 11 cent-an-hour increase in average hourly earnings, the largest gain since the end of the 2009 recession.

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