FY13 ends on a cheerful note; Mkts gain 0.7% on F&O expiry

Markets emerged from a gloomy session of the opening bell and shut shop with smart gains on March F&O expiry day. The Sensex rose 131 pts higher while the Nifty gained 41 points. Major headlines: February fiscal deficit at $93.2 bn Promoters to sell stake in Novartis Gitanjali Gems surges on deferment of FCCBs Indian indices: The key benchmark indices closed today's trading session in the green zone following the rally in S&P BSE Sensex. Indian indices opened today's session on a negative note tracking weak Asian cues. The markets witnessed lackluster trade in the first half, which left investors to calmly watch the show. However, there was a bounce back in the late afternoon session as majority of the sectors came under buyers radar led by intensified buying in the S&P BSE Sensex. The broader markets too ended the trade in the green zone. The positive opening of the European markets also helped the Indian equities to maintain its strength till the end of the day. Volatility in the markets was witnessed as the March futures and options series expired today and the traders rolled over their positions to the April series. Events: India's fiscal deficit during the April-February period was Rs5.07 trillion, or 97.4% of the budgeted full fiscal year 2012/13 target, government data showed on Thursday Movement of the Indian indices for the day: The Indian markets started today's trade on a negative note due to lack of local and Asian cues. Black clouds were hovering on the Dalal Street for most part of the day as the equities witnessed gloomy trading session. The key indices hit their intraday low levels at 18568.43 in morning session and intraday high at 18882.54 in the afternoon session. Markets took a breather as frontline Indian equity benchmarks staged a spirited comeback in the mid-afternoon trade led by strong buying across the board. The Indian equity benchmarks made a smart recovery in trade today supported by gains in Gail, Hindalco, ONGC, Sterlite Industries, HDFC Bank, Coal India. The recovery in the Indian equities also came due to the positive sentiments from European markets. The broader markets too ended with gains. The BSE Midcap index added 1.46%, while the BSE Smallcap index rose 1.32% in trade today. The overall market breadth stood positive at close. On currency front, the Indian rupee rose by 3 paise to Rs54.34 against the US dollar on the Interbank Foreign Exchange due to appreciation of the American currency against the euro overseas. Markets in Asia, Europe and US will be closed tomorrow (March 29, 2013), on account of Good Friday holiday The Sensex ended at 18835.77, up by 131.24 points while Nifty closed at 5682.55, up by 40.95 points. Following are the stocks/ sectors which were in news today: 1. Apollo Hospitals Enterprises surged 5.68% on reports that the company is in advance stage to acquire a Chennai-based Lifeline Hospitals. 2. Novartis India gained 3.75% after receiving a letter from Swiss drug firm Novartis AG, about their intention to reduce its holding to meet minimum public shareholding norm. 3. Gitanjali Gems gained 3.26% after the company decided to defer plans of raising funds through an FCCB issue. Market sentiment The market breadth stood in favor of advances. Of the 2898 stocks traded on the BSE, 1,625 (56.07%) rose, 1,149 (39.65%) fell and 124 (4.28%) stocks remained unchanged. Sectoral & stock screening All the 13 sectoral indices closed in the green zone except BSE Auto down by 0.76%, the only sector to close in the red zone. Top Gainers: BSE Metal up by 2.69%, BSE CG rose by 2.17% and BSE CD surged by 1.89%. Among 'A' group stocks, top three gainers were – Opto Circuits (India) rose by 13.03%, JSW Steel up by 11.91% and Aurobindo Pharma surged by 11.67%. Top three losers were - Godrej Consumer Products declined by 4.25%, MMTC down by 3.72% and Multi Commodity Exchange of India fell by 3.70%. Global signals: Asian shares fell on Thursday as weak euro zone data, a sluggish debt auction in Italy and fears of a potential run on Cyprus's banks stoked investors' concerns about instability in Europe. European shares edged up on Thursday, recovering from a three-week low hit in the previous session as bargain hunters picked up beaten-down stocks on the last trading day of the quarter. US stock index futures pointed towards a flat to lower opening at the Wall Street on Thursday, with futures for the S&P 500 down 0.22%, Dow Jones futures up 0.01% and Nasdaq 100 futures up 0.03%.