Markets rally on positive cues; Sensex near 56k-level, Nifty shy of 16,770; Metals and Oil -; Gas stocks outperform; Coal India, IOC, ONGC, Adani Ports drive

3 Mar 2022 , 09:35 AM

Indian markets were broadly on a bull run in the opening bell of Thursday amid positive global cues. Sensex neared to 56,000-level, while Nifty 50 stretched its gain to near 16,770 in the early deals.

A broad-based buying was witnessed with metal stocks outperforming and leading the rally. Also, oil & gas stocks rallied as the ongoing Russia-Ukraine war skyrocketed the oil and resource prices ever higher. 

The domestic equities also rose to track positive global cues where Asian shares rise after Federal comment on interest rate hike stealing the limelight. 

At around 9:30 AM, Sensex was trading at 55,947.71 higher by 478.81 points or 0.86%. The benchmark has touched an intraday high of 55,996.62, while the day’s low stood at 55,764.97.

Nifty 50 performed at 16,748.40 up 142.45 points or 0.86%. The benchmark has touched an intraday high and low of 16,768.95 and 16,711.05.

Coal India (+5.8%), IOC (+3%), ONGC (+2.6%), Adani Ports (+2%) and IndusInd Bank (+1.8%) were top gainers on NSE platform. Stocks like Wipro, Tech Mahindra, BPCL, Grasim, NTPC also gained between 1.5-2%.

HDFC Bank (-1.1%), Ultra Cement (-0.95%), Asian Paints (-0.8%), followed by Nestle India, Maruti Suzuki shed marginally each.

Also, RIL stocks in focus today as the Ambani giant company plans to make electronics in JV with Sanmina of US. RIL’ subsidiary will invest 16.7 billion rupees in new shares of Sanmina’s existing Indian entity.

On the global front, US markets eyed super rally with Dow Jones climbing over 700 points intraday. Also, Nasdaq also rose over 220 points while the Russell 2000 index which closed higher by 2.7% indicating the outperformance of the broader markets. The performance comes after Federal Reserve Chairman Powell assured a 25 basis points hike in March month.