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Nifty ends below 7550, Sensex up 86 pts

ICICI Bank, Tata Motors, BHEL,ONGC were top gainers

Policy Pulse
Publish Date: Mar 14 2016 4:10PM | Updated Date: Mar 15 2016 11:04AM

Nifty ends below 7550, Sensex up 86 pts

The market ended up 86.29 points or 0.3 percent at 24804.28, and the Nifty was up 28.55 points or 0.4 percent at 7538.75. About 1311 shares advanced, 1339 shares declined, and 162 shares were unchanged. ICICI Bank, Tata Motors, BHEL, Hindalco and ONGC were top gainers while Coal India, M&M, TCS, Sun Pharma and L&T were losers in the Sensex.

 
Notwithstanding recent volatility in Asian markets, some factors are supporting the region's equities, global brokerage major HSBC has said noting that it is 'cautious' and 'underweight' on India. 
 
The global financial services major which is "overweight" on China said factors like stronger Asian currencies and better prospects for earnings growth are supporting the Asian equities. The global brokerage firm said though the recent Budget created some optimism in markets as the government stuck to its fiscal consolidation roadmap, but was apprehensive about the quality of fiscal consolidation.
 
Kotak Mahindra Group said on Monday it has signed an agreement with Canada Pension Plan Investment Board (CPPIB) to invest up to USD 525 million in stressed assets in the country's banking and corporate sectors. CPPIB and the Indian financial services conglomerate, along with its asset reconstruction arm, Phoenix ARC, plan to invest in asset sales by banks with the aim to restructure, recover and turnaround companies in distress. 
 
"This investment is an important step in CPPIB's strategy to build a diversified credit business and will add to our direct credit investment capabilities in India," stated Adam Vigna, managing director, principal credit investments, CPPIB, in a statement.