Sensex recovers over 750 pts from day’s low, ends 231 pts up; Nifty tops 17,200

Indices snapped their three-day losing streak after a choppy start to the day, following a largely negative trend across other Asian markets.

The 30-share pack Sensex advanced 231.29 points or 0.40% to 57,593.49, led by gains in metals, banking and auto firms. Its broader peer NSE Nifty rose 150 points or 0.95 per cent to reclaim the 16,000 mark.

Its broader peer NSE Nifty rose 69 points to reclaim the 17,200 level.

“Benchmark indices reversed early morning losses on positive global cues and hopes of RBI opting for status quo at its policy meet scheduled during the first week of April,” said S Ranganathan, Head of Research at LKP securities.

He added that the resumption of international flights energised hospitality stocks, while the ongoing consolidation in the media sector and positive tailwinds in the telecom space lent ammunition to the bulls despite an unfavourable advance-decline ratio.

Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far amid heightened geopolitical tensions and inflation concerns.

“The current volatility is due to elevated commodity prices and resultant downgrade of future earnings growth,” said Vinod Nair, Head of Research at Geojit Financial Services.

Uncertainties due to rising Covid cases especially in China also added to the weakness. While Indian equities showed resilience and bounced back to green following a positive European market. We can expect ease in this volatility based on the cessation of the war, commodity prices and supply constraints, Nair added.

Market at a glance:

• Tata Elxsi hits all-time high for the second day, zooms 8% to 52-week high
• Ruchi Soya shares tank 7% as FPO closes today
• INOX Leisure zooms over 11%, PVR nearly 4% on merger news
• Aster DM Healthcare rises over 10% after the company signed a non-binding MoU with Tamil Nadu govt
• Coal India surges 4% after the company said it would meet the projected demand of the power sector on a priority
• Uma Exports, first IPO to hit D-Street in 2 months, fully subscribed on Day 1

Gainers and Losers
Bharti Airtel was the top gainer as the stock surged by 3.90%. Axis Bank, ICICI Bank, ITC, SBI were the top gainers, rising 1-2% each. Power Grid, Bajaj Finserv, HUL, Reliance and Maruti were stocks that settled in the black.

In contrast, Nestle India, HDFC, HCL Tech, Dr Reddy’s, Asian Paints, Wipro and L&T were among the biggest laggards.

The broader indices underperformed their larger peers as Nifty Midcap 100 index edged 0.18% lower and small-cap shed 0.73%.

Tata Elxsi, Adani Total Gas, Prestige, Cummins India, Sunteck Realty, GNFC were top gainers from mid and smallcap indices, rising in the range of 3-7%. Dhani, Escorts, Endurance, Concor, Tanla, Sequent were top losers from the pack, falling 4-5%.

Sectoral Movement
Among sectors, bank and oil & gas indices gained 1% each while auto and metal stocks added 0.5%. Nifty PSU Bank and Nifty Bank outperformed the index and rose 1.22% and 0.85%. 11 out of the 15 sector gauges — compiled by NSE — ended with gains.

However, selling was seen in capital goods stocks, IT heavyweights like TCS and HCL Tech and pharma names.

Nifty Media fell more than 6% from day’s high while Nifty pharma was down over 15% from day’s high. Nifty Metal has gained over 10% in the last five sessions, with Vedanta, JSPL, JSW Steel, Hindalco gaining over 10% each.

Index Statistics
The market breadth as skewed in the favour of bears, the advance-decline ratio was at 2:5, according to BSE.

About 1,173 shares advanced, 2,334 shares declined and 157 shares remained unchanged. 161 stocks tested their 52-week highs during the session, whereas 87 others tested their 52-week lows. 21 stocks hit their upper circuit limit, while 5 stocks were locked in the lower circuit.