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| Photo Credit: Paul Noronha
The Sensex jumped nearly 900 points and the Nifty rallied over 272 points on March 3, bouncing back from the previous day’s fall, following a positive trend in global equities and fresh foreign fund inflows.
The BSE Sensex rallied 899.62 points or 1.53% to end at 59,808.97 after starting the trade on a positive note. During the day, it jumped 1,057.69 points or 1.79% to 59,967.04.
The NSE Nifty advanced 272.45 points or 1.57% to settle at 17,594.35.
From the Sensex pack, State Bank of India, Bharti Airtel, Reliance Industries, ITC, Tata Steel, IndusInd Bank, HDFC Bank, Tata Motors, HDFC and Titan were the major gainers.
Tech Mahindra, UltraTech Cement, Nestle and Asian Paints were the laggards.
In Asian markets, Seoul, Japan, China and Hong Kong ended in the green.
Equity markets in Europe were trading in the positive territory. The U.S. markets had ended higher on Thursday.
Foreign Portfolio Investors (FPIs) bought shares worth ₹12,770.81 crore on Thursday, according to exchange data.
“The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers,” said Vinod Nair, Head of Research at Geojit Financial Services.
The embattled Adani Group has sold minority stakes in four of its listed companies to U.S.-based GQG Partners for ₹15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the $2 billion debt repayment due in the coming months.
International oil benchmark Brent crude dipped 0.07% to $84.69 per barrel.
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