Sensex Surges 302 Points As New Financial Year Begins On Buoyant Note

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, April 1, 2015, 15:28 [IST]

Benchmark indices ended the day higher despite sharp losses in IT stocks after European markets rallied in trade.

The Sensex ended the day with gains of 302 points, while the Nifty gained 98 points in trade as the first day of the financial year began on a bullish note. Leading the set of losers were HCL Tech which fell a huge 4 per cent along with Infosys and TCS also falling in trade.

Pharma stocks had an excellent day in trade with Sun Pharma surging a huge 8 per cent followed by Dr Reddy's and Cipla. Today's rally was largely on account of participation from heavyweight, ITC which jumped in trade. The other FMCG major, Hindustan Unilever also gained ground in trade.

Shares in Hindalco which were hammered in the last two trading sessions recovered lost ground. Metal stocks saw some traction in trade today.

Apart from Hindalco, Sesa Sterlite and Jindal Steel also gained ground. PSU banking stocks saw a good recovery led by State Bank of India and Punjab National Bank. The latter climbed after the government infused fresh funds into the bank. Bank of Baroda and Syndicate Bank also rallied in trade.

Meanwhile, markets across Asia closed the day with losses following weak cues from the US markets. Indian markets would remain closed on Thursday and Friday on account of Mahavir Jayanthi and Good Friday.

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