The last session of fiscal 2013, which coincided with the expiry of March series, made a surprise U-turn towards the end of the trading day.
The last session of fiscal 2013, which coincided with the expiry of March series, made a surprise U-turn towards the end of the truncated week. Extremely poor global cues had a cascading effect on the indices, which opened deep in the red and stayed in the negative territory for most part of the day. However, sentiment changed towards the last 20 minutes which helped Sensex close with over 131 points gain at 18835. The wide-based NSE closed up 40.95 points or 0.73% at 5682.
The broader market too retrieved remarkably with advances taking over the declines, a first in many weeks. BSE smallcap and the Bank Nifty closed up 0.2 percent and 1.8 percent for the week.
Markets in India, Hong Kong, Australia, New Zealand and Singapore will be closed tomorrow for the Good Friday holiday.
Oil and gas, metal and cement stocks led the reversal on the street. GAIL moved up 5 percent, ONGC gained 2.92 percent, IOC rose 2.74 percent and HPCL jumped 1.5 percent. However, index heavyweight Reliance closed Rs 773.70 down 1.24% from its previous close of Rs 783.40.
Among metal heavyweights, Hindalco, Sterlite and Coal India closed with 4 percent, 2.9 percent and 2.62 percent gains. Hindustan Zinc and NMDC witnessed 4 percent and 2.5 percent upmove.
Key banking stocks witnessed sound gains on Thursday with ICICI Bank appreciating over 2 percent and HDFC Bank and SBI moving up over 1 percent each. Banks and autos were hit by the expectation of current account deficit figure coming in at a all-time high of 6.4 percent.
IT stocks like Infosys and HCL Tech closed with 1 percent and 2 percent gains. A Gartner report said worldwide IT spending was projected ar USD 3.8 trillion in 2013, a 4.1 percent increase from 2012 spending of USD 3.6 trillion.
The main index losers were Bharti Airtel, Tata Motors, Hero MotoCorp, Cairn India and Jindal Steel.
Midcaps that were butchered in the past few session rebounded with notable gains. Punj Lloyd emerged as the star of the midcap universe recording as much as 22.83 percent jump. Opto Circuit ended up 11 percent higher than its previous close.
Meanwhile, the deadline mandating Indian banks to sign agreements to settle FX forward trades via Clearing Corporation of India Ltd (CCIL) has been removed for now, two sources with direct knowledge of the development told Reuters on Thursday.