Stock market today: Reliance, metals lift Nifty 50, Sensex after three-session selloff
The Sensex rose as much as 0.69%, or 550.27 points, even as Nifty 50 gained 0.71% to 24,656.70 points, amid an escalating Iran war.
India's stock market rose on Thursday, snapping a three-session losing run, led by gains in Reliance Industries Ltd. and metal stocks while tracking a recovery in global risk appetite after a heavy selloff triggered by the Iran war. ...Read More
Nifty 50 rose 1.17% to 24,765.90 and the BSE Sensex added 1.14% to 80,015.90. Fifteen of the 16 major sectors logged gains. The broader small-caps and mid-caps added 1.6% and 1.5%, respectively. The equity benchmarks had fallen about 4% each since Friday, with the decline this week triggered by the Iran war, which sent crude oil prices higher and kindled inflation concerns.
Reliance Industries shares rose 3.3% after losing about 4.5% over the last three sessions, with brokerages JM Financial and CLSA saying that the recent correction in the stock was overdone.
“Today's market uptick is a temporary bounce, driven largely by RIL rebounding from its sharp recent slide. As an index heavyweight, its snapback did most of the heavy lifting for the benchmarks,” said Anita Gandhi, head of institutional business at Arihant Capital Markets.
Gains in Reliance powered energy and oil and gas indexes 1.9% and 1.6% higher, respectively. About 2,210 of the 3,336 stocks in the NSE universe advanced, outweighing the decline in 1,039 stocks.
“(Today's rise) is more due to attractive valuations after the recent selloff and on easing fears of any immediate squeeze on crude supply after the U.S. President's comments that crude flows will be protected,” Gandhi said, adding that uncertainty in the markets is likely to persist due to the conflict.
Among individual stocks, Hindalco Industries Ltd. and Nalco Ltd. jumped 3.6% and 6%, leading the metal index 2.3% higher, on rising aluminium prices due to supply concerns. This was after Aluminium Bahrain halted shipments as the Strait of Hormuz faced a near-total shipping freeze.
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Cera Sanitaryware warns on gas supply amid Iran war
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The disruption may cause a temporary, partial impact on production activities, but the company maintains a separate supply arrangement with GAIL (India) Ltd.
The management expects no material impact on business operations at this time, as current inventory levels are sufficient to continue dispatches as usual.
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Hindustan Zinc signs MoU with Virginia Tech to boost silver recovery
Hindustan Zinc Ltd. has signed an MoU with Virginia Tech to advance research on silver recovery across its lead-zinc concentrators.
This collaboration with the US-based R1 institute focuses on optimising flotation methods and reagent regimes to enhance concentrate quality and process stability.
The partnership “represents an important step in strengthening our knowledge ecosystem and preparing our operations for the future”, Hindustan Zinc CEO Arun Misra said in an exchange filing. “By working with leading global institutions, we continue to build capabilities that will define the next generation of mining excellence.”
The partnership includes scientific studies on metallurgical factors and knowledge transfer through technical workshops for Hindustan Zinc’s teams.
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Rupee rebounds from all-time low as RBI sells dollars
Rupee recovered from its lowest level and gained 48 paise to trade at 91.57 against the US dollar in early trade on Thursday, tracking positive momentum in domestic equity markets.
However, higher crude oil prices, a strengthening dollar and intense selling by foreign investors amid the Iran war kept sentiment in check, according to forex analysts.
The rupee slumped 56 paise to close at its all-time low of 92.05 against dollar on Wednesday, after logging a steep loss of 41 paise on Monday. The forex market was closed on Tuesday on account of Holi.