Market extends rally, Sensex up 791 pts, Nifty above 14,500

Our Bureau Mumbai | Updated on March 26, 2021

Benchmark indices extended the early gains on Friday afternoon owing to positive global cues and a sharp recovery in metal stocks.

At 1 pm, the BSE Sensex was nearing the day’s high of 49,234.66 and was ruling at 49,231.81, up 791.69 points or 1.63 per cent. It had hit an intra-day low of 48,699.91.The Nifty 50 was also near the day’s high of 14,572.90 at 14,567.65, up 242.75 points or 1.69 per cent.

The BSE Sensex had opened at 48,969.25 while Nifty 50 had opened at 14,506.30.

Gaurav Garg, Head of Research at CapitalVia Global Research, said, the market opened on a positive note, tracking global markets. The US market closed positively due to technology stocks. Asian markets too showed positive sentiment on the back of economic growth and better vaccine reach in recent times.

Only powergrid was trading in the red on the 30-pack Sensex as well as the 50-pack Nifty 50.

The Supreme Court on Friday ruled in favour of multi-billion dollar salt-to-software conglomerate, Tata Sons Pvt Ltd, by setting aside a National Company Law Appellate Tribunal (NCLAT) decision to re-instate minority shareholder Shapoorji Pallonji group's scion, Cyrus Mistry, as its chairman. This has positively impacted the stocks of Tata Group.

Tata Steel and Tata Motors were among the top gainers on the Nifty 50 along with Bajaj Finserv, Asian Paints and Hindustan Unilever. Tata Steel, the top gainer was up 5.37 per cent.

Sectoral and broader indices in the green

Among the sectoral indices, all indices were in the green. Metal stocks witnessed a sharp recovery with Nifty Metal up by 3.26 per cent. Auto and FMCG stocks also erased the previous day's losses. The Nifty Auto was up 1.92 per cent and the Nifty FMCG 1.95 per cent. All broader indices too were in the green.

Midcap and Smallcap stocks also overcame the selling pressure. The Nifty Midcap 50 was up 2.31 while the Nifty Smallcap 50 was up 1.01 per cent. The S&P BSE Midcap was up 1.61 while the S&P BSE Smallcap was up 1.14 per cent. As the market turned positive, the volatility index was down 6.25 per cent to 21.28.

Published on March 26, 2021

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