Benchmark indices ended higher in the volatile session on March 9 mainly supported by the banking and financial names. At close, the Sensex was up 584.41 points or 1.16% at 51,025.48, and the Nifty was up 142.20 points or 0.95% at 15,098.40. About 1254 shares have advanced, 1693 shares declined, and 190 shares are unchanged.
SBI Life Insurance, Kotak Mahindra Bank, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance, Axis Bank, Mahindra & Mahindra were among the top gainers, while ONGC, Power Grid Corporation, Dr. Reddy’s Laboratories, NTPC, and Bharti Airtel were among top laggards.
On the sectoral front, banks and IT index were among top performers, while metal and oil & gas were among top losers. The Bankex index rose 1.95 percent, while the IT index gained 1.06 percent.
Commenting on market performance, Vinod Nair, Head of Research at Geojit Financial Services, says, “In a volatile day, the Indian market ended with minor positivity amid mixed global cues. Barring private banks, IT, and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses.”
On the global front, Asian stocks ended mixed, tracking weak cues from the US market and persistent concerns about inflation and the coronavirus pandemic. China’s Shanghai Composite ended 1.82 percent lower, while Japan’s benchmark Nikkei 225 and Hong Kong’s Hang Seng gained 0.99 percent and 0.81 percent, respectively. In the overnight trade, Wall Street also ended mostly lower, weighed down by heavy selling in technology companies.
“Markets slipped into the red on sustained selling in Metal stocks and profit booking in Oil & Gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal. The broader markets witnessed sustained buying interest in leading private sector banks and private life insurers,” says S Ranganathan, Head of Research at LKP Securities.
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