Indices rally in early trade on positive global stocks

The domestic equities saw a strong rally in early trade tracking positive global stocks. Auto, banking and financial services stocks gained. The Nifty moved above 16,600 mark.

At 9:30 IST, the barometer index, the S&P BSE Sensex, jumped 994.5 points or 1.82% at 55,641.83. The Nifty 50 index advanced 279.65 points or 1.71% at 16,625.

In the broader market, the S&P BSE Mid-Cap index rose 1.60% while the S&P BSE Small-Cap index gained 1.83%.

The market breadth was strong. On the BSE, 2,516 shares rose and 293 shares fell. A total of 62 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,818.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,275.94 crore in the Indian equity market on 9 March 2022, provisional data showed.

Politics:

The elections of the five states - Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were held in seven phases between 10 February 2022 to 7 March 2022. The results are being announced today, 10 March 2022.

Stocks in Spotlight:

NTPC rose 1.94%. The state-owned firm informed that, based on achievement of approved norms and due approvals, Unit-3 of 660 MW capacity of Nabinagar Power Generating Company (a wholly owned Subsidiary Company of NTPC) has successfully completed trial operation and consequently included in the installed capacity of NTPC Group. With this, the total installed capacity of Nabinagar Power Generating Company and NTPC Group has become 1,980 MW and 68,567.18 MW respectively.

Bharti Airtel gained 1.76%. The telecom major has entered into an agreement resulting into acquisition of aggregate 9.012% equity stake in Avaada CleanTN Project, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.

PNB Housing Finance advanced 2.11%. The housing finance company has approved fund raising of up to Rs 2,500 crore through a rights issue.

Arvind rallied 5.90%. The firm has updated that the operations have fully resumed at the Ankur unit.

Global Markets:

Asian stocks rose on Thursday, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge. South Korea`s Kospi gained, with markets returning to trade from Wednesday`s presidential election which saw conservative opposition candidate Yoon Suk-yeol emerging victorious.

US stocks surged on Wednesday, led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis.

Global oil prices fell on Wednesday by the most in nearly two years after OPEC member United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine. Brent crude futures settled down $16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since 21 April 2020.

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