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Sensex rises 768 pts from day's low, ends 231 pts up; Inox Leisure adds 12%

CLOSING BELL: Bharti Airtel, up 4 per cent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL,IndusInd Bank, and Power Grid

SI Reporter New Delhi

MARKET LIVE: Sensex recovers over 200 points; Nifty50 reclaims 17,200

CLOSING BELL

The benchmark indices swung to the positive zone in the afternoon trade on Monday as cyclical counters such as public sector banks, auto, and metals marched ahead. Besides, a fall in crude oil prices, and stability in global markets on hopes of fresh round of talks between Russia and Ukraine supported the sentiment.

The S&P BSE Sensex leaped from a low of 56,825 to settle at 57,593.5, up 231 points or 0.4 per cent relative to previous close. The NSE Nifty, on the other hand, bounced back from a low of 17,004 and shut shop at 17,222, up 69 points or 0.4 per cent.

Bharti Airtel, up 4 per cent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL,IndusInd Bank, and Power Grid. On the downside, UPl, Dr Reddy's Labs, Nestle, HDFC, SBI Life, HDFC Life, HCL Tech, and Adani Ports were the top laggards, falling up to 2 per cent.

In the broader markets, the BSE MidCap and SmallCap indices ended 0.3 per cent and 0.5 per cent lower, respectively.

Individually, shares of PVR and Inox Leisure zoomed up to 20 per cent on the BSE in Monday's intra-day trade after they announced merger between the two major multiplex owners, in an all stock amalgamation of Inox with PVR. Shareholders of Inox will receive three shares of PVR in exchange for 10 shares in Inox.

Moreover, shares of Gail India jumped 4 per cent to Rs 153.25 on the BSE in Monday's intra-day trade after the state-owned utilities company announced that its board will consider buyback of shares in its board meeting on Thursday, March 31, 2022.

Shares of Emami, meanwhile, hit a 52-week low of Rs 442.50, down 2 per cent on the BSE in Monday's intra-day trade after the company announced the acquisition of "Dermicool", one of the leading brands in Prickly Heat Powder and Cool Talc category from Reckitt, for a total consideration of Rs 432 crore excluding taxes and duties.

Sectorally, the Nifty PSU Bank index climbed over 1 per cent to end as the top sectoral gainer, while the Nifty Consumer Durable index eased 0.9 per cent.

Global markets

European stocks moved higher on Monday as investors continue monitoring developments in the war between Ukraine and Russia. The pan-European Stoxx 600 added 0.5 per cent in early trade, with insurance stocks climbing 1.3 per cent to lead gains as almost all sectors and major bourses entered positive territory.

On Wall Street, Dow Jones Futures were up 0.08 per cent while the Nasdaq Composite Futures dipped 0.3 per cent.

Earlier in Asia, Japan's Nikkei slipped 0.7 per cent, Hong Kong's Hang Seng added over 1 per cent, and China's CSI300 fell 0.6 per cent.

4:05 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

The benchmark Nifty witnessed a ranged movement as the consolidation continued for the seventh consecutive day. On the daily chart, Nifty has formed a hammer pattern with the low of the lower wick at 17000. Therefore, 17000 may continue to act as crucial support. On the higher end, resistance remains at 17350. A decisive move above 17330 may induce a directional trend in the market.

4:04 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The current volatility is due to elevated commodity prices and resultant downgrade of future earnings growth. The price of products have been increasing constantly and is expected to increase further in the future, affecting demand and margin. Uncertainties due to rising covid cases especially in China also added to the weakness. While Indian equities showed resilience and bounced back in green following a positive European market. We can expect an ease in this volatility based the cessation of the war, commodity prices and supply constraints.

4:02 PM

European markets trade on a positive note

4:00 PM

Tepid trade for US equity futures

3:57 PM

Rupee closes 7 paise higher against US dollar

3:54 PM

Over 1,400 stocks advanced while 658 declined

3:52 PM

Chemical stocks trade mixed; Gujarat Alkalies surge over 10%

3:47 PM

Closing bell: UPL, SBI Life, Nestle India top Nifty 50 laggards

3:46 PM

Closing bell: Bharti Airtel, Coal India, Axis Bank top Nifty 50 gainers

3:44 PM

Closing bell: Nifty PSU Bank best sectoral performer; Bank of Baroda surges above 3%

3:42 PM

Closing bell: Broader markets muted; India Vix slips below 3%

3:39 PM

Closing bell: IT, pharma stocks under pressure

3:35 PM

Closing bell: 18 out of 30 Sensex stocks close in green

3:33 PM

Closing bell: Nifty 50 closes above 17,200 levels

3:31 PM

Closing bell: Sensex closes in green, up over by 200 points

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Topics : Sensex MARKET LIVE MARKET WRAP Markets Nifty BSE NSE stock markets Dalal Street SGX Nifty Brent crude PVR Inox Leisure Bharti Airtel DLF Vedanta Russia Ukraine Conflict Adani Gas

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First Published: Mar 28 2022 | 8:09 AM IST