Market trims gains; IndusInd Bank jumps 5%

The domestic equity barometers pared gains in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, surged 1107.57 points or 2.03% to 55,754.90. The Nifty 50 index gained 319.70 points or 1.96% to 16,665.05.

In the broader market, the S&P BSE Mid-Cap index added 1.44% while the S&P BSE Small-Cap index rose 1.73%.

The market breadth was strong. On the BSE, 2651 shares rose and 651 shares fell. A total of 95 shares were unchanged.

Meanwhile, IndusInd Bank (up 4.98%), Grasim (up 4.89%), Tata Motors (up 4.85%), Bajaj Finserv (up 4.69%) and Axis Bank (up 4.38%) were the top Nifty losers.

Coal India (down 4.80%), ONGC (down 1.82%), Tech Mahindra (down 1.15%), Hindalco (down 0.99%) and Dr Reddy's Lab (down 0.95%) were the top Nifty laggards.

Among the individual stocks, Spandana Sphoorty Financial added 3.11% to Rs 359.45. The company said that its board has approved the issuance of non-convertible debentures (NCDs) aggregating upto Rs 35 crore on a private placement basis.

Exide Industries advanced 2.36% to Rs 151.50. The battery maker has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. (SVOLT). As part of the agreement, SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. Additionally, SVOLT will also provide the support required for setting up a greenfield manufacturing plant on a turnkey basis.

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.

So far, the ruling Bhartiya Janata Party (BJP) is leading in Uttar Pradesh (UP), Goa, Manipur and Uttarakhand. In Punjab, Aam Admi Party (AAP) all set to dethrone the incumbent Indian National Congress (INC).

In UP, BJP under CM Yogi Adityanath is all set to sweep the elections again, as the party currently leads on 271 seats while former CM Akhilesh Yadav's Samajwadi Party (SP) currently leads with 123 seats grabbing the second position as of now.

Global Markets:

Asian stocks surged on Thursday, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge. South Korea's Kospi gained, with markets returning to trade from Wednesday's presidential election which saw conservative opposition candidate Yoon Suk-yeol emerging victorious.

Global oil prices fell 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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