Share Market updates: Sensex rallies 584 pts to close above 51,000 mark; pvt banks, IT shares shine

Amid market volatility for the second successive day, benchmark indices on Tuesday closed in the green. BSE Sensex gained 584.41 points or 1.16 percent to reclaim the 51,000 mark while the NSE Nifty touched 15,098.40, gaining 142.20 points or 0.95 percent. The 30-share BSE index had opened higher at 50,714.16 but pared gains to hit an intra-day low of 50,396.10 in mid-session due to profit booking in energy and infra stocks. However, positive global cues, a fall in US bond yields and gains in US Futures helped the index rebound and close above the 51,000 level.  However, positive global cues, a fall in US bond yields and gains in US Futures helped the index rebound and close above the 51,000 level. In terms of sectors, Nifty Auto index fell over 0.41 percent or 43.10 points to close at 10,464.25. In contrast, Nifty IT index gained 0.92 per cent or 234.40 points to close at 25,582.35. Nifty FMCG, too. gained 25.50 points or 0.077 per cent to end at 33,215.85, while Nifty Pharma dragged 0.87 per cent or 106.00 points to close at 12,133.85. “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,” Vinod Nair, Head of Research at Geojit Financial Services said. Binod Modi, Head - Strategy at Reliance Securities commented: “Domestic equities extended gains for the second consecutive day mainly aided by favourable cues from Asian markets. However, it is financials (ex-PSU banks), which majorly supported the market’s rally today. Barring financials and IT, most of the key sectoral indices traded lower.” The top five BSE Sensex gainers were Kotak Mahindra Bank, HDFC Bank, Tech Mahindra, Housing Development Finance Corporation and ICICI Bank. While the top five losers where Power Grid Corporation of India, ONGC, NTPC, Dr Reddy and Bharti Airtel. The top 5 Nifty losers include BPCL, Tata Steel, GAIL, IOC and Power Grid Corporation of India, while gainers are SBI Life, Kotak Mahindra Bank, HDFC Bank, Tech Mahindra and Housing Development Finance Corporation. Here are 10 stocks that moved the most on 9 March:

1. ONGC: The shares of oil and gas major Oil and Natural Gas Corporation closed at Rs 116.85 falling 1.23 per cent.
2. BPCL: Share price of Bharat Petroleum Corporation Limited fell 4.55 per cent to end at Rs 445.45 after reports stated that the company was planning to sell 4 per cent treasury shares worth Rs 7,000 crore.
3. SBI Life: Shares of SBI Life Insurance Company surged 4.97 per cent to close at Rs 969.80 post the positive insurance data for February.
4. Tata Steel: Shares of Tata Steel ended at Rs 708.50, witnessing a decline of 3.90 per cent due to the fall in global commodity prices, which pulled the metals stocks lower.
5. Steel Strips Wheels: Shares of the company ended at Rs 745.95, gaining 5.14 per cent after the release of the sales data for February, which reported the company’s highest-ever monthly sales. It reported a net turnover of Rs 214.45 crore in February 2021, up 55.65 per cent on a yearly basis. The company also achieved 17 per cent YoY growth in wheel rim sales of 1.52 million compared to 1.30 million in the corresponding month of the previous year.
6. Kotak Mahindra Bank: The shares of the bank closed at Rs 1,979.50 witnessing a hike of 3.35 per cent.
7. HDFC Bank: Shares of the bank gained 2.85 per cent to end high at Rs 1,562.65.
8. ICICI Bank: Shares of the company closed at Rs 625.20 rising 2.80 per cent on BSE.
9. Housing Development Finance Corporation: The company’s shares gained 2.68 per cent to end at Rs 2,577.20.
10. NTPC: The shares fell by 1 per cent to close at Rs 109.45.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended on a positive note, while Shanghai and Seoul were in the red.Stock exchanges in Europe were trading with gains in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.72 per cent higher at $68.73 per barrel. With inputs from PTI