Sensex, Nifty close higher for 2nd day on gains in global equities; IT, financials shares advance

PTI, Mar 6, 2023, 4:48 PM IST

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Benchmark indices Sensex and Nifty advanced for a second session in a row on Monday on gains in IT, banking and auto stocks following strong global trends.

The 30-share BSE benchmark rose by 415.49 points or 0.69 per cent to close at 60,224.46 with 25 of its constituents ending in the green.

The barometer opened higher and spurted further nearly 690 points to touch a high of 60,498.48 in the day trade.

The broader Nifty of the National Stock Exchange advanced 117.10 points or 0.67 per cent to settle at 17,711.45. As many as 39 NIfty shares closed in the green.

Gains in global markets following the US markets closing higher on Friday after positive economic data bolstered the investor sentiment, analysts said.

Among Sensex stocks, Tata Motors rose the most by 2.79 per cent. NTPC, Reliance Industries, Infosys, TCS, HDFC twins, Tata Motors, ITC, Power Grid and Bajaj Finserv were among the major gainers.

Tata Steel fell the most by 1.22 per cent. L&T, Sun Pharmaceuticals, IndusInd Bank and Ultratech Cement were among the losers.

Vinod Nair, Head of Research at Geojit Financial Services, said, ”The major concerns that prevailed in the market during the previous weeks were the fear of aggressive Fed policy action, which led to a rise in treasury yields and US dollar, and the uncertainties surrounding Adani.

”All of these have now shifted in favour of the bulls, as US officials reduced the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate.” Additionally, improved market sentiment due to the foreign bulk deal at Adani, the oversold stage of the domestic market, and FII buying helped sharpen the recovery, he added.

Among global markets, stocks in Asia and Europe advanced after strong data on the US economy sent Wall Street to its best close in six weeks.

Germany’s DAX gained 0.4 per cent and France’s CAC 40 rose by 0.7 per cent. London’s FTSE 100 edged 0.1 per cent lower.

In Asian trading, Hong Kong’s Hang Seng index gained 0.2 per cent, Tokyo’s Nikkei 225 by 1.1 per cent and the Kospi in Seoul by 1.3 per cent.

On Friday, Sensex rallied nearly 900 points and Nifty jumped more than 272 points, mainly on the back of positive global cues and fresh fund inflows.

Foreign Portfolio Investors (FPIs) were net buyers, with investments worth Rs 246.24 crore on Friday, according to data with the BSE.

Markets will remain closed on Tuesday for the Holi festival.