Stock Market Analysis
As of 09 March 2022
Domestic benchmark indexes surged strongly on Wednesday, as Dalal Street investors continued to purchase heavily across all industries, despite concerns over the impact of Russia’s war with Ukraine.
According to experts, a sustained rebound is improbable as long as the war continues and commodity prices stay high.
However, investors are buying equities at lower levels for the second day in a row, signaling that the market is beginning to show indications of hope.
The 30-share Sensex closed at 54,647.33, up 1,223.24 points or 2.29 percent. Its larger counterpart, the NSE Nifty, rose 331.90 points, or 2.07%, to 16,345.35. The top index movers were Reliance Industries, Infosys, and the HDFC twins.
“The domestic market is also reacting positively to exit polls and in anticipation of in-line state election results. In the near term, the domestic market will trade as per the positive or negative surprise in the state election results and global trend,” said Vinod Nair, Head of Research at Geojit Financial Services.
Overview of what happened during the day
Asian Paints, Reliance Industries, and Bajaj Finance were the leading gainers, each advancing more than 5%. Other top gainers included IndusInd Bank, M&M, Bajaj Finserv, Maruti, Ultratech Cement, and HDFC Bank, which all rose 2–4 percent.
Shree Cement was the Nifty pack’s biggest loss, losing 2.63 percent. Other names that were eliminated were Power Grid, NTPC, and ONGC.
The gain was broad-based, with the Nifty Midcap and Smallcap indexes both increasing more than 2%. The broadest index on the NSE, the Nifty 500, also closed the day with a 2% increase.
The top gainers from the mid and smallcap indices were Anupam Rasayan India, Jubilant Ingrevia, Indiabulls Housing Finance, Dalmia Bharat, Dr. Lal PathLabs, Ashok Leyland, and TV18 Broadcast, with gains ranging from 7 to 14 percent.
Market Summary:-
- Aviation stocks surged (Interglobe Aviation rose 7.2 percent and Spicejet nearly 5 percent) on the announcement of the resumption of regular international flights.
- TVS Motor gained over 4 percent as the board plans to announce an interim dividend on March 18.
- Zydus Lifesciences gained more than 4 percent after its US arm bagged global rights of BridgeBio Pharma’s Nulibry drug.
- GMDC rose 4 percent after Edelweiss upgraded the stock to Buy.
- TCS rose over 1 percent as the company’s Rs 18,000-crore buyback offer opened today.
- India VIX, a barometer of future volatility, dropped 3.92 percent to 27.47.
Foresight is an opinion-based trading platform that allows the winner to profit while the loser learns. To see how excellent you are and to challenge your friends and family, download the app today.
