Closing Bell: Indian market continues the winning streak
Domestic equity benchmarks surged for the third straight session led by gains in banks, consumer durables and metal stocks as participants also watched the assembly election results declared today.
Indian equity benchmarks Sensex and Nifty after a positive opening clocked sharp gains on Thursday tracking strength across global markets as oil prices pulled back sharply after fanning inflationary fears. During today's trade gains across sectors pushed the headline indices higher, with financial, auto and IT stocks being the biggest movers. Indian investors awaited results of Assembly elections in five states of Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa, which will set the pitch for the 2024 Lok Sabha polls. Except for Punjab, the BJP has won all four states.
Headline indices ended higher for the third consecutive session. At the closing bell on March 10, the Sensex was up 817.06 points or 1.50% at 55,464.39, and the Nifty was up 249.50 points or 1.53% at 16,594.90. On the market breadth 2346 shares have advanced, 937 shares declined, and 94 shares are unchanged.
Among the top Nifty gainers today were HUL, Tata Steel, Grasim Industries, JSW Steel and SBI. On the flip side, top losers included Coal India, Tech Mahindra, Dr Reddy's Labs, ONGC and TCS. In the buzzing stock, Hindustan Unilever was the top Nifty gainer as it surged 5.16% to Rs 2,101.05.
On a sectoral basis, all the sectoral indices ended in the green with auto, metal, FMCG, power, capital goods, PSU Bank and realty indices added 1-2%. In the broad market, the BSE Smallcap and Midcap indices rose 1% each.
European shares have begun the day on a weak note despite strong gains across Asia and the US. The pan-European Stoxx 600 index was down 1.1% in early hours.
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