Equity, currency and derivatives markets will be closed for trading on Tuesday, March 1, on account of Mahashivratri. As per the BSE website, there will be no trading in equity segment, equity derivative segment and SLB segment today. However, commodity markets, which will remain closed for the morning session, will open in the evening. The exchanges (NSE and BSE) will resume trading on Wednesday, March 2, 2022.
On Monday, the key benchmark indices defied the weak global market trend and turned sharply higher on Monday as Russia and Ukraine began talks at Belarus border. On Monday, the Sensex was up 366.64 points, or 0.64 per cent, at 57,858.15, and the Nifty was up 128.90 points, or 0.75 per cent, at 17,278.
Hindalco (up over 7 per cent), Tata Steel, Power Grid, JSW Steel, Coal India, BPCL, Titan Company, RIL, and Indian Oil Corporation were the biggest large-cap gainers on the bourses today.
Metal counters led from the front as sanctions against Russia raised possibility of supply disruptions of aluminium and gas, which will push up prices. On the downside, losses in HDFC Life, Dr Reddy’s Labs, Axis Bank, HDFc Bank, M&M, Eicher Motors, HDFC, Tata Motors, and Hero MotoCorp kept gains in check.
On the sectoral front, apart from the Nifty Metal index, which closed nearly 5 per cent higher, the Nifty Oil and gas index (up 2.6 per cent), IT index (up 1 per cent), and the Nifty FMCG index (up 0.6 per cent) were the other star performers. On the flipside, the Nifty Auto and Bank indices were the worst hit, down 0.7 per cent each.
Indian rupee ended 21 paise lower at 74.77 per dollar on Tuesday against Monday’s close of 74.56.
Mohit Nigam, Head – PMS, Hem Securities, said: “Benchmark Indices rebounds from day low due to hopes for Russia-Ukraine negotiations and closes on a positive note on February 28 with Nifty +0.81 per cent and Sensex +0.70 per cent. Most of the Asian markets ended positive today. Strong buying is seen in metals, oil & gas and power stocks today while some pressure was witnessed in auto stocks. Hindalco and Tata Steel were the top gainers in Nifty 50 while HDFC Life and Dr Reddys were the top losers in Nifty 50 today.”
“We believe these volatile markets are giving good opportunity for investors to accumulate some quality stocks in dips. On the technical front, immediate support and resistance for Nifty 50 are 17,000 and 16,500 respectively. Immediate support and resistance for Bank Nifty are 35,600 and 36,800 respectively,” he added.
The stock markets will have a total of 13 holidays in 2022, as per the data available on the BSE website. The next stock market holiday will fall on Holi on March 18, 2022.
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