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Nifty ends above 7,500 led by index heavyweights

Nifty ends above 7,500 led by index heavyweights
Indian markets staged a late recovery gaining around 200 points from intra-day lows, amid firm European cues, led by index heavyweights such as Infosys and Reliance Industries.
The S&P BSE Sensex ended 135points up at 24,794 and the Nifty50 closed 47 points up at 7,532.
Among the broader markets, BSE Midcap index closed 0.8% higher while BSE Smallcap index finished flat. The health of the market was slightly stronger with 1,290 advances against 1,193 declines on the BSE.
"After taking a breather and showing signs of fatigue and uncertainty in the past two trading sessions, the Indian equity market resumed its northbound journey. However, the decline was very short lived as indices gained strength as the day progressed. Nifty re-conquered the 7500 mark for the first time since February 1, 2016. Nifty managed to find support even before hitting the 50DMA, which is placed at 7400 mark. As long as there are no evident signs of a trend reversal, it would be advisable to ride the ongoing uptrend." said Amar Ambani, Head of Research, IIFL
Overseas, European equities opened higher, shrugging off weak Asian cues. FTSE, DAX, CAC40 have gained between 0.3% and 1% each.
Earlier in the day, Asian markets closed mixed. Shanghai Composite and Nikkei 225 ended lower 1%-1.5% on concerns of the health of the economy while Straits Times ended 1% higher.
In the commodity space, oil prices slipped 3% as Goldman Sachs suggested the rally was unsustainable and industry data showed US stockpiles reached record highs again last week.
Meanwhile, foreign portfolio investors remained net buyers in equities worth Rs 775 crore on Tuesday, as per provisional data released by the stock exchanges.
KEY STOCKS
Metal shares witnessed profit taking after global commodity prices eased. Vedanta, Hindalco Industries, Jindal Steel, Steel Authority of India (SAIL), Tata Steel and Hindustan Zinc edged down 1.5%-4% on the BSE.
From the oil pack, Cairn India, ONGC, Reliance Industries gained between 0.5%-1.5%.
Tata Motors advanced 0.5% after the auto major declared that it has reached out to the striking workers and advised them to resume duty on or before March.
Maruti Suzuki announced its entry into the compact sports utility vehicle (SUV) market with the launch of the Vitara Brezza at an introductory price of Rs 7.35 lakh (ex-showroom, Mumbai). The stock accelerated over 3% and was the highest gainer on the Sensex.
Hindustan Unilever Limited (HUL) and Pond’s HLL ex-Mercury Employees Welfare Association in Kodaikanal announced the signing of a settlement. HUL advanced 1.6%
Top telecom operator Bharti Airtel has increased maternity leave for its women employees to 22 weeks from 12 weeks in order to promote gender diversity across all management levels.
The Supreme Court has given industrialist Vijay Mallya two weeks to respond to the notice on petition of consortium of banks seeking disclosure of his assets and seizure of passport. United Breweries Holdings dropped nearly 5% while United Spirits ended 1% lower.
Shares of InterGlobe Aviation (IndiGo) have dipped 7% to Rs 802, extending its previous day’s nearly 2% fall on the National Stock Exchange (NSE), erasing its entire previous week gain.
Avantha Group company Crompton Greaves will sell its transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for an enterprise value of euro 115 million (approximately Rs 851 crore).
Tech Mahindra is learnt to have decided not to pursue any further the move to acquire Mphasis, seen as a move to not to indulge in a bidding war with couple of other suitors in fray
Shares of Unichem Laboratories were up nearly 3% at Rs 230 after the company said it has received ANDA approval from the USFDA for Quetiapine Fumarate tablets which are therapeutically equivalent to Seroquel tablets of AstraZeneca Pharmaceuticals LP.

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