Stock markets eke out gains amid bond yield, crude oil price concerns

Market sentiment tracked global shares, which were mixed as initial optimism over the US Senate's passing of a $1.9 trillion stimulus bill gave way to inflation fears

markets, stock market, sensex, correction, nifty, shares, growth, profit, economy, gain — "Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices," Vinod Nair, head of research at Geojit Financial Services said

2 min read Last Updated : Mar 09 2021 | 1:48 AM IST

Amid a jump in Brent crude oil price, which went above the $70 per barrel-mark intraday, and weak global cues, a tug-of-war between bulls and bears kept the Indian markets choppy through the day on Monday. The Sensex and the Nifty eked out gains after two sessions of decline as investors snapped up energy, IT and pharma shares.

Market sentiment tracked global shares, which were mixed as initial optimism over the US Senate’s passing of a $1.9 trillion stimulus bill gave way to inflation fears.

After fighting multiple bouts of volatility during the session, the BSE gauge Sensex settled 35.75 points or 0.07 per cent higher at 50,441.07. Intraday, the index rose as much as 667 points, but pared most of its gains.

The NSE Nifty ended higher by 18.10 points or 0.12 per cent at 14,956.20.

"Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices," Vinod Nair, head of research at Geojit Financial Services said.

On the Sensex chart, L&T was the biggest gainer, rising by 3.43 per cent. ONGC rose by 2.96 per cent, HCL Tech by 2.22 per cent, NTPC by 1.66 per cent, Axis Bank by 1.6 per cent and Infosys by 1.54 per cent. On the other hand, Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Auto and HDFC twins emerged as top laggards.

In other Asian markets, equities suffered losses amid sustained volatility in view of concerns over rising bond yields. Though, Asian shares had started the session on high, cheering the US Senate passing a $1.9-trillion stimulus bill for Covid-19 relief package.

US stocks whipsawed between gains and losses, while Treasury yields edged higher as investors assessed the impact of the latest federal spending bill on inflation and economic growth.

Gold hits 9-month low

Gold prices slid 1 per cent on Monday to a nine month-low, as the dollar and US Treasury yields continued their march higher and prompted investors to dump the non-yielding metal.

At 9.15 pm IST, spot gold was trading at $1,685.98 an ounce, down 0.87%, after hitting its lowest since June 8 at $1,683.68 earlier.