Sensex crosses 56,000 level; banks stocks in demand

The benchmark indices extended gains in morning trade, buoyed by banks, autos and financial services scrips. Metal shares corrected for the third trading session. The Nifty crossed the 16,700 level.

At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 1,359.96 points or 2.49% at 56,007.29. The Nifty 50 index soared 390 points or 2.39% at 16,735.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.84% while the S&P BSE Small-Cap index gained 2.29%.

The market breadth was strong. On the BSE, 2,728 shares rose and 382 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,818.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,275.94 crore in the Indian equity market on 9 March 2022, provisional data showed.

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) 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 172 seats (vote share: 42.61%) while former CM Akhilesh Yadav's Samajwadi Party (SP) currently leads with 81 seats (vote share: 30.97%), grabbing the second position as of now.

Buzzing Index:

The Nifty Bank index rallied 4.52% to 35,345.55. The index has jumped 7.52% in three trading sessions.

Axis Bank (up 6.47%), IndusInd Bank (up 5.19%), State Bank of India (SBI) (up 5.07%), Bandhan Bank (up 4.61%) and ICICI Bank (up 4.60%) were the top gainers in the Bank segment.

Stocks in Spotlight:

Jindal Steel & Power (JSPL) lost 0.71%. 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) advanced 2.43%. 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.

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