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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.
