Market Wrap, March 8: Here's all that happened in the markets today

Amid a jump in Brent crude oil price, which was above the $70 per barrel-mark, and weak global cues, a tug-of-war between bulls and bears kept the markets choppy through the day on Monday. The volatility index, India VIX, cooled-off 3.5 per cent and closed at 24.6 levels even indices traded in the range of 600 points. 

Among the headline indices, the frontline S&P BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. Infosys, L&T, Reliance Industries, Axis Bank, and State Bank of India were the top contriutors towards the index's gains today.

In absolute terms, L&T, ONGC, HCL Tech, Axis Bank, NTPC, and SBI were the top gainers, up between 1.5 per cent and 3.5 per cent on the Sensex while Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Auto, HDFC, and HUL. down up to 2.3 per cent, were the top laggards.

On the NSE, the Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.

In the broader market, the S&P BSE MidCap and SmallCap indices closed 0.3 per cent and 0.6 per cent higher, respectively.

Trends among sectoral indices remained muted with the Nifty PSU Bank, Metal, and IT indices ending up to 1.5 per cent higher on the NSE. Nifty Realty, FMCG, and Auto indices, meanwhile, ended up to 1 per cent down.

Global markets
 

World shares dipped on Monday as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters.

The MSCI world equity index fell 0.1 per cent, as gains in European cyclical and travel stocks were offset by losses in Asia. Chinese stocks posted their biggest decline in seven months, down 3.5 per cent, on concerns that Chinese officials could tighten policy to rein in lofty valuations.

Nasdaq futures fell 2 per cent in early European trade, reversing early gains, while S&P 500 futures fell 1 per cent as investors looked past the benefits of the fiscal package.