Sensex, Nifty zoom over 2% on gains in Reliance, HDFC twins

Aviation stocks were in high demand on Wednesday after a two-year hiatus

Aviation stocks were in high demand on Wednesday after a two-year hiatus

Major stock indices Sensex and Nifty rose more than 2% on March 9 on gains in index heavyweight Reliance Industries and HDFC twins as investors eyed diplomatic efforts to end Russia’s attack on Ukraine.

The 30-stock BSE Sensex opened in the green and continued to climb 1,469.64 points, or 2.75%, to 54,893.73 on the day. It eventually settled at 54,647.33, up 1,223.24 points, or 2.29%.

The broader NSE Nifty was up 331.90 points, or 2.07%, to end at 16,345.35.

From the 30-stock package, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the biggest gainers, rising 5.56%.

Asian Paints was the leading gainer among Sensex shares, up 5.56%. Reliance Industries was up 5.24%, Bajaj Finserve was up 5% and HDFC Bank was up 3.29%.

In contrast, Power Grid Corporation, NTPC, Tata Steel, Nestle India and Wipro lagged behind.

Aviation stocks were hot on Wednesday as India resumes regular international flights from March 27 after a two-year hiatus. InterGlobe Aviation shares rose 6.94% and SpiceJet rose 6.05%.

“Domestic indices rolled over yesterday’s gains after a clawback in European markets and US futures as savvy investors saw value in current market valuations.

“The domestic market is also reacting positively to exit polls and in anticipation of the results of the state elections. In the short term, the domestic market will trade according to the positive or negative surprise in the state election results and the global trend,” said Vinod Nair, Research Director at Geojit Financial Services.

Stock exchanges in Hong Kong, Shanghai and Tokyo settled lower. Stock markets in the US closed in negative territory on Tuesday.

European stocks opened higher, while futures for Wall Street’s S&P 500 index and the Dow Jones Industrial Average rose as much as 1%.

Meanwhile, international oil benchmark Brent Crude fell 1.22% to $126.4 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹8,142.60 crore of shares on a net basis, according to stock market data on Tuesday.

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