Indian equities close higher on strong buying support

"Amid all, it was a mixed session on the sectoral front while noticeable recovery was witnessed in midcap and smallcap space", said Jayant Manglik, President, Retail Distribution at Religare Securities.

The key indices, which opened the day's trade on a positive note, closed with losses for the fourth consecutive session.

The scrip was trading at Rs441.50 on BSE, down 0.6% from previous close.

The stock declined by 3.76 percent to end at Rs 1,545.10 on BSE.

"The Sensex and the Nifty hit their lowest level in three weeks. That may have attracted some bargain hunting", Anand James, chief market strategist at Geojit Financial Services, told Mint. The weakness came on the back of geo-political tensions, as notably those between the United States and North Korea.

Indian shares opened higher on normal monsoon forecast by the weather office IMD but ended flat on weak global cues and expectations that some companies may miss their earnings target.

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The Rupee was trading seven paise down at 64.64 against the US Dollar.

In terms of investments, provisional data with the exchanges showed that the FIIs sold scrip worth Rs 930.67 crore, while the domestic institutional investors (DIIs) off-loaded scrip worth Rs 878.08 crore.

"At present, the Indian market is going through time wise correction".

While, European markets were closed today for Easter Monday. Meanwhile private banks including Yes Bank, who's stressed loans almost doubled in the March quarter compared to the December quarter, fell almost 4 per cent capping overall index gains. Shanghai Composite Index fell 1.15%.

However, ICICI Bank fell 2.90 percent, Axis Bank 2.26 percent, Sun Pharma 1.28 percent, Power Grid 1.21 percent, NTPC 0.97 percent, Coal India 0.78 percent and ONGC 0.22 percent.

Major gainers were Gail (2.02 per cent), Adani Ports (1.83 per cent), HDFC (1.82 per cent), Asian Paints (1.37 per cent), Maruti (1.17 per cent), TCS (1.16 per cent), Lupin (1.15 per cent), M&M (1.13 per cent), HDFC Bank (1.03 per cent), Infosys (0.96 per cent), Bajaj Auto (0.70 per cent) and HUL (0.65 per cent).

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