Indices rally in early trade on positive global equities

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Domestic equities rallied strongly in early trading, following positive global equities. Automobile, banking and financial services stocks advanced. The Nifty passed the 16,600 mark.

As of 9:30 a.m. IST, the barometer index, the S&P BSE Sensex, jumped 994.5 points or 1.82% to 55,641.83. The Nifty 50 index advanced 279.65 points or 1.71% to 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 scale of the market was strong. On the BSE, 2,516 stocks rose and 293 stocks fell. A total of 62 stocks remained unchanged.

Foreign portfolio investors (REITs) sold shares worth Rs 4,818.71 crore, while domestic institutional investors (DIIs) were net buyers worth Rs 3,275.94 crore in the stock market India on March 9, 2022, according to preliminary data.

Politics:

The five state elections – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur were held in seven phases between February 10, 2022 and March 7, 2022. The results are announced today, March 10, 2022.

Actions in the spotlight:

NTPC increased by 1.94%. The state-owned company informed that based on the achievement of approved standards and necessary approvals, the 660 MW capacity Unit 3 of Nabinagar Power Generating Company (a wholly owned subsidiary of NTPC) has been completed with successful trial operation and therefore included in the installed base. NTPC group capability. With this, the total installed capacity of Nabinagar Power Generating Company and NTPC Group became 1,980MW and 68,567.18MW respectively.

Bharti Airtel gained 1.76%. The major telecommunications company has entered into an agreement resulting in the acquisition of an aggregate 9.012% interest in the Avaada CleanTN project, a special purpose entity created for the purpose of owning and operating the captive power plant, in accordance with the regulatory requirement for captive energy consumption under electricity laws.

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

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

Global Markets:

Asian stocks rose on Thursday, after an overnight rebound on Wall Street after oil prices fell sharply after a recent surge. South Korea’s Kospi rose as markets returned to trade after Wednesday’s presidential election that saw conservative opposition candidate Yoon Suk-yeol emerge victorious.

U.S. stocks surged on Wednesday, led by financials and technology stocks, rebounding from several days of declines as oil prices fell sharply after stoking inflation fears and investors gauged the development of the Ukraine crisis.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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