Sensex escalates 500 points in intraday session, settles above 50,000

The markets ended edging higher driven by Banking and Cement stocks with successfully negating all its previous losses on Tuesday, March 23. Sensex marked an intraday gain of nearly 500 points but settled higher by 280 points in the closing session.  

Blue-chip stocks like HDFC Bank, UltraTech Cement and IndusInd Bank pushed the BSE Sensex to close higher by 280.15 points at 50,051.44, while the NSE index added 78.35 points to close at 14,814.75. Around 140 stocks marked record highs on the BSE which included stocks like ACC, UPL and Adani Enterprises.  

The Cement stocks were the top newsmakers on Tuesday after Rajya Sabha passed MMDR (Mines and Minerals Development and Regulation) bill on Monday, March 22, said a market expert. Shares of Shree Cements surged over five per cent in the day’s trade, and UltraTech Cements gained over three per cent.  

Among the heavyweights, the Banks witnessed heavy buying post the Supreme Court’s verdict on Loan-moratorium case which stated that there will be no extension or interest waiver for the people.  

“The Bank-Nifty saw a tremendous growth today owing to the verdict of the Supreme court regarding the Loan moratorium case which has given a positive momentum to the sector which has led to a rise of over 550 points. The decision to keep noted PSBs such as SBI and PNB out of privatization scheme had proved well and was already creating positive sentiments in the markets”, said Vishal Balabhadruni of CapitalVia Global research to BW Businessworld. 

Shares of Bank of India gained 10 per cent, Central Bank and Union Bank gained five per cent each in the intraday session. The overall PSU pack gained 2.91 per cent in the NSE.  

In the broader markets, both BSE Midcap and Smallcap gained nearly a per cent each led by advances in stocks of Adani Transmission, Adani Enterprises and IDBI Bank in the Midcaps.  

Overall, 1021 shares ended with gains in the NSE, and 701 shares ended red. Above 280 stocks marked upper-level circuits in the entire session on Tuesday.