Nifty50: 16,345 ▲ 331 (+2.0%)
Sensex: 54,647 ▲ 1,223 (+2.2%)
- After a gap-up opening, markets continued to inch higher. Follow-up buying was seen after Tuesday’s reversal signal.
- In all, 40 stocks of the Nifty50 pack ended in the green. Index heavyweight Reliance Industries rose over 5%.
- Commodities such as crude oil, copper, bullion saw profit booking.
Among the Nifty sectoral indices, Realty (+4%) and Media (+3%) were the top gainers, while Metal (-0.3%) was the sole loser.
| Top gainers | Today's change |
| Asian Paint | ▲ 6.1% |
| Reliance | ▲ 5.4% |
| Bajaj Finance | ▲ 5.2% |
| Top losers | Today's change |
| Shree Cement | ▼ 2.6% |
| ONGC | ▼ 2.5% |
| Power Grid | ▼ 2.1% |
For more updates on F&O, click here.
Here are the top stories of the day.
Airline stocks take off
Shares of domestic airline operators soared as the civil aviation ministry announced the resumption of international flight operations from March 27. Earlier, on February 28, the DGCA had extended a ban on regular international flights until further orders.
Scheduled international flights have remained suspended since 23 March 2020, except the flights under the air-bubble arrangements. While the resumption of international flights is a welcome sign for the sector, higher crude oil prices pose a challenge at present.
J Kumar Infra rises on large order win
Sugar stocks saw renewed buying interest on the back of a strong long-term outlook and the recent rise in crude oil prices. Shares of Dwarikesh sugar and Mawana sugar hit new life highs.
Rising crude oil prices make the case for ethanol blending even stronger. Further, international sugar prices have risen nearly 10% so far this month, resulting in better realisation for sugar manufacturers. It is also believed that the credit profile of sugar companies could improve in the coming years on the back of healthy profits from the distillery segment.
Sugar back in a sweet spot
There is likely to be a revision in the fuel prices on account of higher crude oil prices. According to sources, oil marketing companies are expected to soon start passing on the price hike to consumers.
Oil marketing companies are involved in refining and processing crude oil and producing petrol, diesel and jet fuel.
IPO Corner
The market regulator SEBI has given the green signal to the IPO application by LIC. The approval comes nearly three weeks after the filing was done. However, the government is yet to finalise the date for the launch of the IPO. The government plans to raise ₹65,000–80,000 crore with a 5% stake sale through the IPO. IPO approvals are valid for a period of one year from the date of SEBI's final observation.
Good to know
What is Silver Thursday?
Silver Thursday refers to March 27, 1980, when the price of silver collapsed, which led to panic in the US commodity and futures markets. In the late 1970’s, the Hunt brothers began accumulating silver in order to control the market and increase the price. The price rose from $6 per troy ounce to nearly $50 per troy ounce within a year. However, in 1980, the exchange rules regarding buying commodities on margin were changed. The Hunt brothers, who relied on margin loans to fund their silver buying, found it difficult to meet their obligations. This triggered a steep decline in the price of silver.
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