Sensex Ends 269 Points Higher; IT And Power Stocks Witness Buying

Indian share markets witnessed some selling but managed to trade in the green during closing hours and ended their day on a positive note. Gains were largely seen in the IT sector and information technology sector.

At the closing bell, the BSE Sensex stood higher by 269 points (up 0.7%) and the NSE Nifty closed higher by 84 points (up 0.7%). The BSE Mid Cap index closed up by 0.6%, while the BSE Small Cap index ended the day down by 0.3%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.6% and the Nikkei was trading up by 0.8%.

European markets were also trading on a positive note. The FTSE 100 was up by 0.5%. The DAX was trading up by 0.4%, while the CAC 40 was up by 0.5%.

The rupee was trading at 69.11 to the US$ at the time of writing.

In the news from the finance spaceIIFL Holdings share price was in focus today. Stock of the company witnessed buying interest today on the National Company Law Tribunal's (NCLT) nod to the proposed demerger of the group.

The NCLT has approved the proposed demerger of Fairfax-backed IIFL Group, which paves the way for the listing of three entities viz. IIFL Finance, IIFL Wealth, and IIFL Securities. The listing can be done within 60 days.

According to the arrangement, for every seven shares of IIFL Holdings, a shareholder will get seven shares each of IIFL Finance and IIFL Securities, and one share of IIFL Wealth.

Moving on to other news, data available with the NSE showed foreign portfolio investors (FPIs) bought Rs 14.8 billion worth of domestic stocks in yesterday's trading session.

Domestic institutional investors (DIIs), on the other hand, were net sellers to the tune of Rs 8.2 billion.

Note that overseas flows into domestic equities in February were the highest in 12 months. Foreign portfolio investors (FPIs) bought stocks worth US$1.9 billion, the highest since March 2018 when they had pumped in over US$2 billion.

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