Market ends Bullish on another volatile day, metals shine

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Indian equity benchmarks ended higher after a volatile session on February 28, driven by broad-based buying and positive cues from Asian markets. The second half ended near the daily high. Finally, the Sensex rose 388 points to 56247 and the Nifty rose 135 points to 16793. The escalating Russia-Ukraine conflict along with new sanctions against Russia by global powers weighed on western markets. Despite opening on a negative tone, domestic indices staged a strong recovery, buoyed by metals stocks and positive Asian markets. Metals stocks rallied on hopes that curbing Russian exports would help Indian steelmakers capture export market share. Domestic investors were eagerly awaiting the release of third-quarter GDP data later in the day, which was expected to come in at 6.5% versus 8.4% in the previous quarter. Hindalco Industries, Tata Steel, Power Grid Corporation, JSW Steel and BPCL were among the top Nifty winners. Losers included HDFC Life, Dr. Reddy's Labs, M&M, Axis Bank and HDFC Bank. With the exception of auto and banking, all sector indices closed in the green. The Nifty metals index was up nearly 5% and the IT and energy indices were up 1-2%. Broader indices performed similarly to benchmarks. BSE mid-cap and small-cap indices each gained 0.8%.

Stocks and sectors

On the BSE, the metals index was up 5.4%, the oil and gas index was up 2.4% and the energy index was up 1.5%. However, the IT index gained 1% and the Bankex fell 0.5% each. A long rise was seen in Gail India, Hindalco Industries and Jindal Steel and a short rise was seen in Biocon, Rain Industries and Strides Pharma Science. Among individual stocks, Biocon, Godrej Consumer Products and Gail India saw volume increases of more recorded as 100%. Up to 100 stocks including Hindalco Industries, Cyber ​​Media and Shankara Building Products hit 52-week highs. The market is closed today March 1st for Mahashivratri.

Outlook for March 2

On the BSE, the metals index was up 5.4%, the oil and gas index was up 2.4% and the energy index was up 1.5%. However, the IT index gained 1% and the Bankex fell 0.5% each. A long rise was seen in Gail India, Hindalco Industries and Jindal Steel and a short rise in Biocon, Rain Industries and Strides Pharma Science. In terms of individual stocks, Biocon, Godrej Consumer Products and Gail India recorded volume gains of more than 100%. As many as 100 stocks including Hindalco Industries, Cyber ​​Media and Shankara Building Products hit 52-week highs. The market is closed for Mahashivratri today, March 1st.