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Sensex ends 4-day losing streak, Gains 581 pts, Nifty Above 16,000; Infosys, TCS Climbs 3% Each

By: Aparna Deb

Last Updated: March 08, 2022, 15:47 IST

Sensex on Tuesday

Sensex on Tuesday

Today, investors will be closely watching the global developments around the Russia-Ukraine war and the US stance on any possible bans on Russia's oil and gas.

The key benchmark indices recovered sharply to end in the positive territory today amid high volatility led by the realty, IT, pharma names. At close, the Sensex was up 581.34 points or 1.10 per cent at 53,424.09, and the Nifty was up 150.30 points or 0.95 per cent at 16,013.50. About 2193 shares have advanced, 1069 shares declined, and 84 shares are unchanged.

IOC, Sun Pharma, Tata Consumer Products, Cipla and TCS were among the top Nifty gainers. On the other hand, Hindalco Industries, ONGC, Tata Steel, JSW Steel and Britannia Industries were the biggest losers. Among sectors, except metal all other sectoral indices ended in the green with pharma, IT, FMCG, capital goods and realty indices up 1-2 per cent. BSE midcap and smallcap indices rose over 1 per cent each.

The whole global market, including the Indian market, which sank dramatically in the past few trading sessions, ended its 4-day losing streak. This came despite the global markets exhibiting a mixed trend on the bourses and commodity prices, including Brent crude futures, staying at elevated levels.

Among individual shares, shares of city gas distribution (CGD) companies, Indraprastha Gas (IGL) and Mahanagar Gas (MGL), rallied up to 11 per cent in the intra-day trade on Tuesday amid reports of IGL announcing a hike in prices of compressed natural gas (CNG) in the Delhi-NCR region. The prices have been hiked by 50 paise per kilo in Delhi while Re 1 per kilo in the NCR region, as per reports.

Shares of sugar companies were in demand and rallied up to 18 per cent on the BSE in Tuesday’s intra-day trade on strong outlook. With a favourable mix of ethanol towards B-heavy/juice (feedstock) coupled with higher sugar realisations; operating margins of sugar companies are expected to improve.

Shares of Natco Pharma rallied 9 per cent to Rs 920 on the BSE in Tuesday’s intra-day trade after the company launched its first generic version of Revlimid (Lenalidomide capsules) in 5 mg, 10 mg, 15 mg, and 25 mg strengths in the US market. Natco, along with marketing partner Teva, has launching these strengths of lenalidomide.

Vinod Nair, Head of Research at Geojit Financial Services, said: “Domestic indices reversed its trend and traded with gains led by export-oriented sectors like Pharma and IT which witnessed buying interest as the rupee fell to its record lows. Favorable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market. Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure due to the ban on Russia’s oil export”

Global Cues
Wall Street stocks plunged Monday in the latest rout following Russia’s attack on Ukraine as worries mount that spiking commodity prices will slow the economy. The Dow Jones Industrial Average dove 2.4 percent, a loss of nearly 800 points, to finish at 32,817.38, continuing last week’s retreat. The broad-based S&P 500 sank 3.0 percent to end at 4,201.09, while the tech-rich Nasdaq Composite tumbled 3.6 percent to 12,830.96.
Tokyo stocks opened lower Tuesday as investors remained worried over surging oil prices and uncertainties surrounding the Russia-Ukraine crisis. The benchmark Nikkei 225 index dropped 1.22 percent or 307.51 points to 24,913.90, while the broader Topix index fell 1.17 percent or 21.04 points to 1,772.99. The dollar fetched 115.32 yen, up from 115.27 yen in New York Monday.
Shares ticked slightly higher in the opening minutes of trade in Hong Kong on Tuesday following two days of hefty losses, though traders remain on edge over the Ukraine war. The Hang Seng Index edged up 0.12 percent, or 24.76 points, to 21,082.39. The Shanghai Composite Index was flat, inching down 0.30 points to 3,372.55, while the Shenzhen Composite Index on China’s second exchange ticked up 0.25 percent, or 5.55 points, to 2,208.97.

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first published:March 08, 2022, 09:20 IST
last updated:March 08, 2022, 15:47 IST