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Rediff.com  » Business » Markets end higher; auto shares in top gear

Markets end higher; auto shares in top gear

By BS Reporter
March 22, 2011 15:59 IST
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BSEMarkets closed in the green after three consecutive days of losses bouyed by gains in auto and realty shares.

However, investors continue to remain watchful of the developments in west Asia.

The Nifty opened at 5,391 and scaled to an high of 5,428 followed by positive cues from the Asian peers as radiation concerns from Japan eased.

The S&P CNX Nifty held on to the gains and closed up 49 points, at 5414 and the benchmark Sensex advanced 149 points, at 17,988.

In west Asia, coalition forces renewed air strikes on Libya, intensifying the skirmish and stoking fears over oil supply.

Back in India, the government introduced a nationwide goods and services tax bill into parliament today but the opposition immediately threatened adjournment on back of cash-for-votes

scandal.

Markets have rallied on account of value buying. Gopal Agrawal, head equity and deputy CIO, Mirae Asset Global Investments said, "after witnessing a correction of almost 15 per cent from recent highs, values started emerging in many individual stocks on the back of significant earnings growth visibility and long term prospects which led foreign investors to be optimistic on the Indian markets thereby resulting heavy in inflows in selective stocks."

Agarwal recommends investors to focus on quality stocks with reasonable valuations which are thrown in large numbers due to market volatility.

All the sectoral indices ended in the green.

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BS Reporter in Mumbai
Source: source
 

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