The benchmark indices pared gains during mid-afternoon trade. IT stocks were under pressure. The Nifty traded a tad below 16,600 mark.
At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 761.70 points or 1.39% at 55,409.03. The Nifty 50 index advanced 235.55 points or 1.44% at 16,580.90.
In the broader market, the S&P BSE Mid-Cap index rose 1.03% while the S&P BSE Small-Cap index gained 1.28%.
The market breadth was strong. On the BSE, 2,491 shares rose and 837 shares fell. A total of 99 shares were unchanged.
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) is all set to dethrone the incumbent Indian National Congress (INC).
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In UP, BJP under CM Yogi Adityanath is expected to sweep the elections again, as the party currently leads on 244 seats (vote share: 42.09%) while former CM Akhilesh Yadav's Samajwadi Party (SP) currently leads with 125 seats (vote share: 31.81%), grabbing the second position as of now.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 6.812% as compared with 6.845% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.3025, compared with its close of 76.62 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement rose 0.13% to Rs 52,811.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.23% to 98.19.
In the commodities market, Brent crude for May 2022 settlement rose $5.84 at $116.98 a barrel. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors as India imports majority of its crude oil requirements. Higher crude oil prices could increase India's expenditure and adversely affect the fiscal deficit.
Buzzing Index:
The Nifty Metal index rose 1.02% to 6,085.75. The index lost 1.81% in the past two trading sessions.
Adani Enterprises (up 3.95%), Tata Steel (up 2.96%), JSW Steel (up 2.94%), Steel Authority of India (SAIL) (up 2.08%) and Jindal Steel & Power (JSPL) (up 1.57%) were the top gainers in the Metal segment.
Jindal Steel & Power rose 1.57%. The steel manufacturer reported a 8% year-on-year increase in steel sales to 5.9 lakh tonnes in February 2022 as compared to 5.47 lakh tonnes sold in February 2021. JSPL said sales would have been higher if not for limited rake availability in the eastern part of the country. The company further said that railway rake availability issue is not yet fully resolved, hampering its sales efforts. Meanwhile, exports contributed 24% to the sales volumes. On production side, JSPL's steel production stood at 6.57 lakh tonnes in February 2022 which was 1% higher than previous year.
Jindal Stainless (Hisar) lost 1.93%. The company said it received AS 9100D Certification, a quality management system for aviation, space, and defence organizations. The certification validates Jindal Stainless (Hisar) (JSHL)'s competence to constantly meet highly stringent standards of the aerospace industry. It also enables JSHL to get listed in OASIS, the Online Aerospace Supplier Information System database, which showcases the company offerings to aerospace manufacturers. The AS 9100D certification journey was driven by the top management and implemented by a team of around 120 people across the supply chain, within 15 months, JSHL said in a statement.
Global Markets:
The Dow Jones futures were down 228 points, indicating a weak opening in the US stock market today.
European stocks fell across the board on Thursday, as investors monitor the war in Ukraine and fluctuations in commodity prices. Markets have been closely attuned to developments in Ukraine as Russia's invasion continues. Ukraine accused Russian aircraft late on Wednesday of bombing a children's hospital in the besieged city of Mariupol despite a cease-fire deal to allow evacuations.
Meanwhile, the Kremlin accused Washington of waging a de facto economic war against Russia after the Biden administration announced a ban on Russian oil imports. The U.K. has also vowed to phase out Russian imports by the end of the year.
However, Asian stocks surged, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge.
Global oil prices slumped 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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