Markets extend rally on broad-based buying; Nifty 50 reclaim 15k, Sensex tops 50,600; Metal, Bank outperforms; HDFC leads

Markets performance was lifted due to a broad-based buying witnessed across sectoral indices on exchanges with banking and metal stocks outperforming.

Mar 03, 2021 09:03 IST India Infoline News Service

Bull Market
Indian markets extended their winning streak for a third-consecutive day this week with Nifty 50 reclaiming the 15,000-mark in Wednesday's opening bell. Sensex also climbed nearly 480 points with an intraday high of 50,776.48 in early trade. Markets performance was lifted due to a broad-based buying witnessed across sectoral indices on exchanges with banking and metal stocks outperforming. Also, positive global cues added to the bullish sentiments.

At around 09.40 am, Sensex trades at 50,608.55 soaring by 311.66 points or 0.62%. The 30-scrip index has 24 advances and 6 declines.

At the same time, Nifty 50 was performing at 15,029.30 higher by 110.20 points or 0.74%. The 50-scrip index has 40 advances and 10 declines at the current performance level. Notably, Nifty 50 has surged to an intraday high of 15,064.80.

Sensex gainers list had HDFC in the lead zooming nearly 2% followed by Axis Bank, SBI, Dr Reddy's Ultratech Cement, Bharti Airtel and NTPC gaining around 1% each.

However, the Sensex underperformers list had two heavyweight auto stocks namely Maruti Suzuki and Bajaj Auto at the front slumping by around 1.5% each. Other stocks like HCL Tech, Tech Mahindra, Asian Paint, Titan, TCS and Sun Pharma dipped between 0.2-0.5%.

MTAR Technologies will be launching its initial public offering (IPO) today at a price band between Rs574-Rs575 per equity share. 

In terms of sectoral indices basis on the BSE, the Metal index was the top bull skyrocketing by nearly 495 points followed by Bankex climbing 425 points. Indexes like Consumer Durables, Capital Goods and Oil & Gas index also added substantial gains to the benchmark by advancing more than 200 points each.

On the global front, shares of Tokyo, Shanghai, Hong Kong and Sydney have rebounded on Wednesday after declining in the previous trading session. Investors focus shifted on more imminent U.S. stimulus which boosts optimism for global economic recovery while shrugging off concerns of equities rally too fast leading to high valuation.

Hang Seng jumps nearly 2%, while the Shanghai SE Composite Index and Taiwan TSEC 50 Index rose over 1.3% and 1% respectively. Australia ASX All Ordinaries and South Korea's KOSPI index climbed by 0.8%. Meanwhile, Nikkei 225 traded marginally up.

Related Story

Explore Important Blogs