Sensex Rebounds: Crosses 51,000 as IT and Bank stocks fuel rally

The Sensex gained over 500 points in the ending session and Nifty bounced back to over 15,100 at the end of days trading on March 9, 2021. 

The BSE Sensex closed at 51,025.48, up 584 points or 1.16 per cent, and Nifty-50 gained 142 points or 0.95 per cent to 15,098.40 led by the rally seen in the stocks of IT and Financial companies.   

Overall, 1254 shares advanced and 1693 shares declined in the full trading day at the BSE. 

During the day, the markets did slipped in the mid session only to bounce back higher in the closing trade led by Banks, Financials and IT stocks, experts said. 

"Markets slipped into the red on sustained selling in Metal stocks and profit booking in Oil & Gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal", said, S Ranganathan from LKP Securities.

Shares of HDFC Bank, Kotak Mahindra Bank, SBI Life Insurance and ICICI Bank were the top gainers of the index on Tuesday. Shares of SBI Life Insurance surged on positive numbers that came for the month of February, Kotak Mahindra gained sharply after the company announced to consider dividend over preference shares.

Sectorally, IT and Banks ended with gains, rest all other sectors ended the day lower as profit booking weighed the sentiment in those sectors. The banks gained over a per cent and IT sector added 0.92 per cent in the intraday session with Mindtree and Tech Mahindra as top gainers for the IT index.

Shares of JMC Projects climbed nearly 13 per cent after the company bagged orders worth Rs 1000 crore from Fahi Dhiriulhun Corporation - state-owned company from Maldives. However, the BSE Smallcap ended lower by 85 points.

The Sensex too slipped below 50,400 in the afternoon trade as Energy and Metal stocks weighed the index the most. Shares of BPCL and Tata Steel ended the day lower by over four per cent. 

Easy Trip Planners IPO: The initial public offering was subscribed 2.65 times so far on the second day of bidding. The firm has received bids for 4,00,22,400 shares against its issue of 1,50,80,644 shares. The offer will close on Wednesday, March 10.

Global Markets: The foreign markets closed with mixed figures overnight as technology stocks spoiled the party. Dow Jones closed up by one per cent, and Nasdaq closed lower by 2.4 per cent. The Singaporean SGX Nifty was trading positive and indicated a positive opening and backed the Indian markets on Tuesday.