Stock market recoups losses with IT, telecom, and energy stocks rising the most
The stock market opened into the green as the trading session began on Tuesday, March 5, with mid and small cap IT and telecom, oil and gas, and larger cap IT stocks rising the most.
At 9:20 am, the benchmark BSE Sensex rose by 182.24 points or 0.25 per cent, reaching 73,172.17. The broader NSE Nifty opened 49.80 points up or 0.23 per cent in the green, reaching 22,132.45. In contrast, the market was in the red yesterday as Trump’s tariffs on China, Canada, and Mexico came into effect.
Which stocks rose the most?
Among the 30 Sensex stocks, Power Grid Corporation of India rose the most upon open by 2.66 per cent, trading at ₹260.80. This was followed by Mahindra & Mahindra, which was up 2.65 per cent, trading at ₹2683.40, and HCL Technologies, which was up by 1.57 per cent, trading at ₹1560.
In contrast, HCL Technologies was down the second-most on yesterday’s open by 2.47 per cent, trading at ₹1,534.05,
12 of the Sensex stocks were in the red.
How did individual sectors perform?
Among the Nifty sectoral indices, the Nifty Midsmall IT & Telecom Index rose the most by 1.99 per cent, reaching 8,863.40. This was followed by Nifty Oil & Gas which was up 1.16, reaching 9,687.95, and Nifty IT, which was up 1.08 per cent, reaching 37,678.85.
In sharp contrast, the Midsmall IT & Telecom Index fell the most by 2.40 per cent, reaching 8,561.00 on yesterday’s open while Nifty IT fell the third most by 2.03 per cent, reaching 36,852.50.
The Oil & Gas index rose amid a drop in global oil prices. The benchmark Brent Crude was down 0.35% or by $0.25, trading at $70.79 per barrel, while WTI Crude was down 0.82% or by $0.56, reaching $67.70 per barrel.
How did the stock market close during the previous session?
The stock market closed in the red after the previous trading session ended on Tuesday.
The benchmark BSE Sensex closed 96.01 points or 0.13 per cent into the red, reaching 72,989.93. The broader NSE Nifty was down by 36.65 points or 0.17% in the red, reaching 22,082.65.
“The Nifty recovered from its initial weakness to finish slightly lower and in doing so ended down for the 10th straight day for the first time in history,” said Akshay Chinchalkar, Head of Research, Axis Securities. “There are signs that the broader benchmarks are attempting a recovery, but a trigger is awaited.”
He added that “for the nifty, support will continue to be offered in the 21,850 to 22,000 area, while resistance sits between 22,226 and 22,281 followed by an extension at 22,410.”
Meanwhile, Foreign Institutional Investors (FIIs) remained net sellers, offloading ₹3,405.82 crore worth of equities, while Domestic Institutional Investors (DIIs) were net buyers, buying a difference of ₹4,851.43 crore.