Taking Stock | The Sensex is up 1,223 points, and the Nifty is above 16,300 for the second day, as purchasing continues.

  • March 10, 2022, 11:44 a.m.

The Indian benchmark indices extended gain for the second day on March 9 on buying seen across sectors barring metals. The Sensex jumped 1,223.24 points, or 2.29 percent, to close at 54,647.33, and the Nifty was up 331.90 points, or 2.07 percent, at 16,345.40.

The indices started the day on a positive note amid mixed global cues and gained momentum as the day progressed on reports that Ukraine wouldn’t push for Nato membership, the major point of friction with Russia even as the war entered the 14th day.

Post exit polls, the market reacted positively expecting in-line state election results of the five states that will be declared on March 10.

"D-Street Bulls finally held the upper hand today on reports suggesting that the Ukrainian President is no longer pressing for NATO membership," said S Ranganathan, Head of Research at LKP securities.

"With COVID behind, short-covering, coupled with the exit poll results, buoyed the bulls as benchmark indices rose almost 3 percent in late afternoon trade with major sectoral indices ending in the green."

Domestic investors, who have reposed faith in the government’s policies amid the turmoil, would be keenly watching the impact of rising oil and commodity prices on inflation and corporate earnings, Ranganathan said.

Asian Paints, Reliance Industries, Bajaj Finance, M&M and IndusInd Bank were among the top Nifty gainers. On the other hand, Shree Cements, Power Grid Corporation, ONGC, NTPC and Coal India were the biggest losers.

Except metal, all other sectoral indices ended in the green with Nifty auto, bank, FMCG, IT and pharma indices up 1-2 percent.

Sensex 55,992.59 1,345.26  +2.46%
Nifty 50 16,731.40 386.05  +2.36%
Nifty Bank 35,319.75 1,504.30  +4.45%

NIFTY 50 16,693.70  348.35 (2.13%)THU


Tata Motors432 .65 26.75  +6.59%BIGGEST LOSERPRICESCHANGECHANGE%Coal India
  178.05 -8.60  -4.61%
Nifty Bank 35321.00 1505.55  +4.45%
Nifty Metal 6030.95 6.35  +0.11%

Broader indices also performed in line with benchmarks, with BSE midcap and smallcap indices rising 2 percent each.

Stocks and sectors

Among sectors on the BSE, the capital goods, auto and realty indices were up 2-3 percent and bank, FMCG, healthcare, IT indices up a percent each. However, metal index shed 0.7 percent.

A long build-up was seen in Indiabulls Housing Finance, Dalmia Bharat and Dr Lal PathLabs, while a short build-up was seen in the Coforge, Petronet LNG and Bosch.

Among individual stocks, a volume spike of more than 100 percent was seen in Cummins India, Indian Hotels and InterGlobe Aviation.

On the BSE, New Delhi Television, GNFC and Dwarikesh Sugar Industries touched their 52-week high.

Outlook for March 10

Mohit Nigam, Head-PMS, Hem Securities

Even though oil prices surged due to a US import embargo on Russian oil, Indian benchmark indices were off to a strong start. Buying was seen across the BSE sectoral front, with stocks from the energy, TECK, and IT counters attracting the most attention.

The general market breadth was in favour of an increase. European markets rebounded as buyers bought stocks that had been battered in the recent market selloff.

Following Ukraine President Volodymyr  Zelenskyy’s announcement that the country was no longer interested in NATO membership, investors bought beaten-down shares in the hopes of de-escalation of the Russia-Ukraine war.

Net domestic positive flows are sustaining the enormous withdrawals by FIIs on a daily basis. The robust monthly SIP flow of 11k crore, which continues to expand, accounts for a substantial portion of the positive flows.

On the technical front, immediate support and resistance in the Nifty are 16,100 and 16,500. For the Bank Nifty, immediate support and resistance are at 33,200 and 34,500.

Sachin Gupta, AVP, Research, Choice Broking

The benchmark indices inched up for the second day ahead of the results of UP and four other state elections on March 10.

On the daily chart, the Nifty confirmed the Bullish Engulfing breakout, suggesting bounce in the near term. The index took support at Lower Bollinger Band and moved above it.

On the hourly chart, the index has formed a rounding bottom and witnessed a positive crossover in RSI & Stochastic.

The index has support at 16,200-16,000 levels, while resistance comes at 16,770.

The Bank Nifty has support at 33,200 and resistance at 34,500.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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