After several days of sharp declines triggered by rising tension in West Asia, Indian equity markets finally found some relief today, March 5. Benchmark indices bounced back strongly during the session. The rebound came even as global concerns around the ongoing US, Israel-Iran conflict continued to remain in focus.

By the end of the trading session, markets managed to hold firmly in the green. The Sensex closed at 80,015.90, gaining about 899 points or 1.14%, while the Nifty settled at 24,765, up 285 points or 1.17%. The Nifty Bank index also ended higher at 59,055, rising around 0.51%.

“Amid supportive global cues, domestic equities ended higher, with mid- and small-cap stocks outperforming large caps. Investor sentiment improved after comments from the US deputy secretary suggested that an India–US trade deal may be nearing completion. Value buying also emerged in sectors such as metals, consumer durables, realty, and auto following recent corrections, while IT stocks resumed their decline partly due to the strengthening of the Indian rupee. Market momentum strengthened toward the close after reports that Iran had conditionally offered to abandon its nuclear program, raising hopes of de-escalation in the ongoing US/Israel–Iran tensions,” said Vinod Nair, Head of Research, Geojit Investment.

Here are five key highlights from today’s trading session –

Intraday movement

The day began on a green note today. The Sensex opened at 79,530.48 and moved between an intraday high of 80,303.83 and a low of 79,201.69, an intraday movement of more than 1,100 points.

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Similarly, the Nifty opened at 24,615.95 and traded between an intraday high of 24,854.20 and a low of 24,529.40, a movement of nearly 325 points during the session before closing firmly in positive territory.

Key gainers in today’s trade

Buying interest was visible in several large-cap stocks. Among the Nifty stocks, Adani Ports emerged as the top gainer with gains of around 4%.

Other major stocks such as Larsen & Toubro, Hindalco Industries, Reliance Industries and Coal India also witnessed strong buying interest and gained over 3% during the session.

Key laggards in today’s trade

While many stocks moved higher, some sectors continued to face selling pressure. Technology and select banking stocks remained among the key laggards in today’s session.

Shares of Tech Mahindra, HCL Technologies and Tata Consultancy Services saw declines during the day. Among financial stocks, ICICI Bank and State Bank of India were also among the stocks that ended the session in negative territory.

Relief rally after recent correction

Today’s recovery was largely a technical rebound after the sharp fall seen in the previous sessions.

Another factor that helped sentiment was the easing of market volatility. The India VIX, often referred to as the market’s fear gauge, cooled off from elevated levels.

Sectoral indices trade mostly higher

On the sectoral front, most indices ended the session with gains.

The Nifty Auto index gained around 2%, while the Nifty Metal index also rose more than 2% during the session. Other sectors such as realty, pharmaceuticals, media, healthcare, consumer durables, and oil and gas also ended higher with gains of over 1%.