The domestic key equity indices settled the session on a positive note, extending the gains of March 05. The NSE Nifty 50 rose more than 200 points or 0.93% to settle at 22,545, while the BSE Sensex rallied 610 points or 0.83% to finish at 74,340.
The rally on D-Street was led by metals and oil & gas stocks due to a fall in Brent crude oil prices, which fell below $70 a barrel. The Nifty Oil & Gas was the top gainer among the sectoral indices, gaining more than 2.5% to close at 10,045.85.
In line benchmark indices, the Nifty Bank surged 138 points or 0.28% to close at 48,628. The Nifty Midcap 100 inched up 178 points or 0.37% to close at 49,348.
Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note. The volatility index India VIX cooled down 0.40% to the 13.73 level.
Also, the market breadth remained in favour of bulls as 2,207 stocks advanced on the NSE out of 2,996 stocks traded. Asian Paints (4.75%) was the top gainer in the Nifty 50, followed by Coal India (3.77%), BPCL (3.56%), Hindalco (3.51%), and Reliance Industries (3.05%). Meanwhile, Tech Mahindra, Trent, BEL, Britannia, and Kotak Mahindra Bank were the major losers in the Nifty 50.
“The Indian indices exhibited resilience, owing to positive global cues following Trump’s softened tariff stance on automakers from Canada & Mexico amidst the weakening dollar index. Additionally, a correction in crude oil prices, influenced by a slowdown in demand and further economic stimulus from China, ignited optimism in the energy and metals sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.