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Sensex Closes 413 Points Higher, Nifty Ends At 11,570 As Derivative Contracts Expire: 10 Things To Know

Indiabulls Housing Finance, Zee Entertainment, HCL Tech, UPL, State Bank of India and ITC were among the top gainers on the 50-scrip benchmark index.

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Sensex Closes 413 Points Higher, Nifty Ends At 11,570 As Derivative Contracts Expire: 10 Things To Know

The futures and options (F&O) contracts for the month of March expired at the end of the session

Domestic stock markets finished more than 1 per cent higher amid buying across sectors on Thursday, a day marked with the expiry of monthly derivatives contracts. The S&P BSE Sensex closed 412.84 points, or 1.08 per cent, higher at 38,545.72 while the NSE Nifty settled at 11,570.00, up 124.95 points from the previous close. Both the benchmark equity indexes logged their highest closing levels recorded in nearly seven months.
Here are 10 things to know:
  1. Buying across the board, led by banking, consumer goods, information technology and media stocks, pushed the benchmark indexes higher.
  2. Indiabulls Housing Finance, Zee Entertainment, HCL Tech, UPL, State Bank of India and ITC were among the top gainers on the 50-scrip benchmark index, closing with advances of between 2.70 per cent and 9.01 per cent. 
  3. The Sensex clocked its highest closing level since September 3. At 11,570, the broader Nifty posted its strongest close since August 31, 2018.
  4. Buying interest in heavyweights such as HDFC, ICICI Bank and SBI ahead of the expiry of derivatives contracts supported the markets, say analysts. 
  5. "Most banks have given good returns for the month. They have given the best return for derivatives settlement... short-covering is helping in the last moment," said AK Prabhakar, head of research, IDBI Capital.
  6. The futures and options (F&O) contracts for the month of March expired at the end of the session.
  7. Seventeen of the 19 sector gauges compiled by the BSE finished with gains, led by the S&P BSE FMCG, Finance, Bankex and Information Technology indexes, which rose between 1.26 per cent and 1.45 per cent. 
  8. Infosys shares finished 1.3 per cent higher, after rising as much as 2.19 per cent in intraday trade. The advances in the Infosys stock came after the IT services major announced acquisition of a 75 per cent stake in ABN AMRO Group NV's mortgage administration services unit for $143.53 million.
  9. According to analysts, continued foreign fund inflows also supported the domestic markets. Foreign portfolio investors/foreign institutional investors on Wednesday net purchased equities worth Rs 1,481.11 crore, provisional data from the NSE showed.
  10. Jet Airways shares ended 2.81 per cent lower at Rs 269.35 apiece on the BSE, amid reports that former SBI chairman Arun Kumar Purwar tops the list of probables to head the interim board of the airline. Jet Airways has been struggling with cash flows for the past six months because of rising fuel costs and intense competition.

(With inputs from Reuters)





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