Sensex Tops 49,500 Led By Steel And Metal Stocks
After a three-day holiday, the domestic equities saw a gap-up opening on Tuesday, March 30 led by advances in Steel and Banking stocks. Investors cheered the paced vaccination progress whereas, any negatives in the future from global markets will further lead to a downside in the markets, said experts.
The 30-share pack BSE marked gains in 26 shares out of 30 and opened at 49,407.41, higher by 398.91 points, while the Nifty-50 added 133.60 points at 14,640.90.
In the overall market breadth, 1042 shares posted gains at the opening and 261 shares slipped lower to mark losses. Tata Steel, JSW Steel, and GAIL were the top index gainers at the opening as they added over three per cent each and pushed the key indices higher.
The banking stocks climbed upward too as investors turned buyers after a long selling streak in the March series which led the indices to a major correction from their record highs of February. HDFC Bank, IDFC First Bank, ICICI Bank, and IndusInd Bank added over a per cent each on Tuesday.
Among the sectors, FMCG and Metal sector were the top sectors in focus as they added over a per cent each in the early morning trade. HUL, Britannia, and Nestle were the top gainers in the FMCG pack as they added over two per cent each.
On the flipside, M&M was the only loser on the key indices as recorded while filing. The stock declined 1.13 per cent and marked its day's low of Rs 783.
However, the foreign markets closed with mixed figures on Monday and the Singaporean SXG Nifty was trading flat too, but positives from vaccination boost and also with the blockage getting cleared from the Suez Canal led the markets to open positive today, said, analysts.
Later today, Rakesh Jhunjhunwala-backed Nazara Technologies will hit the bourses after a stellar response in the bidding process as the company’s offer was subscribed 176 times, it received bids for 51.25 crore shares against its issue of 29.20 lakh shares. Being the first gaming company to be listed on the exchanges, the company is likely to open at a decent premium, said, analysts.
