Nifty above 16700; breadth strong

The benchmark indices hovered near the day`s high in mid-morning trade, supported by strength in banks, auto and financial services scrips. All the sectoral indices on the NSE were in the green.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 1,278.62 points or 2.34% at 55,925.95. The Nifty 50 index gained 371.85 points or 2.27% at 16,717.20.

In the broader market, the S&P BSE Mid-Cap index added 1.92% while the S&P BSE Small-Cap index rose 2.32%.

The market breadth was strong. On the BSE, 2,781 shares rose and 424 shares fell. A total of 99 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 - Goa, Manipur, Punjab, Uttar Pradesh and Uttarakhand - were held in seven phases between 10 February 2022 to 7 March 2022. The results are being announced today, 10 March 2022.

So far, the ruling Bhartiya Janata Party (BJP) is leading in Uttar Pradesh (UP), Goa, Manipur and Uttarakhand. In Punjab, Aam Admi Party (AAP) all set to dethrone the incumbent Indian National Congress (INC).

In UP, BJP under CM Yogi Adityanath is all set to sweep the elections again, as the party currently leads on 250 seats (vote share: 42.51%) while former CM Akhilesh Yadav`s Samajwadi Party (SP) currently leads with 101 seats (vote share: 31.40%), grabbing the second position as of now.

Buzzing Index:

The Nifty Auto index advanced 3.65% to 10,191.20. The index added 7.49% in three trading sessions.

Tata Motors (up 6.64%), Maruti Suzuki India (up 4.27%), Ashok Leyland (up 4.22%), Bharat Forge (up 3.39%) and TVS Motor Company (up 3.34%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Kalpataru Power Transmission rallied 3.23%. The EPC company received a Letter of Intent (LoI) for power transmission and distribution project in international market. The Letter of Intent is for project involving design, engineering, supply and construction of HVDC power transmission line of 700 km. The estimated value of the project stands at Rs 3,276 crore ($431 million). Kalpataru said the LoI is subject to fulfilment of certain conditions.

Larsen & Toubro advanced 3.30%. The construction major, on Thursday announced that its construction arm secured `significant` contracts across various businesses. As per L&T`s classification, the value of the significant project is 1,000 to 2,500 crore.

Global Markets:

Asian stocks surged 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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