SENSEX surges 400 points, NIFTY50 reclaims 24,600 led by Reliance Industries, Larsen & Toubro

The Indian equity benchmarks bounced back after three days of losses on Thursday, March 5, on the back of a strong recovery in global markets. The SENSEX rose as much as 550 points and NIFTY50 index touched an intraday high of 24,651.95 led by gains in index heavyweights like Reliance Industries, Larsen & Toubro, HDFC Bank, Bajaj Finance, Bharti Airtel, NTPC and Mahindra & Mahindra.

As of 9:24 am, the SENSEX was up 350 points at 79,464 and NIFTY50 index advanced 115 points to 24,595.

Asian markets staged a strong recovery on Thursday led by South Korea's KOPSPI index's 10% gain. Japan's Nikkei advanced 2.44%, China's Shanghai Composite advanced 0.77% and Hong Kong's Hang Seng rose 1.71%.

Overnight, US markets bounced back sharply on Wednesday as investors looked past the West Asia crisis. The NASDAQ advanced over 1.4%, followed by the S&P500 at 0.7% and the Dow Jones by 0.5%.

The situation continues to remain grim between Iran, Israel and the US despite the rumours of negotiations surfacing around. The NYT report stated that Iran’s new Supreme Leader wants to make a deal with the US, following which the crude oil prices fell from the recent highs.

On the other hand, the US markets were also boosted by strong private jobs growth and easing inflation pressures in the services sector. Consequently, tech shares led the rally with Micron and AMD surging over 5.5%, while Amazon surged 3.5%.

Back home, buying was visible across board as all the major sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY Realty index's 1.65% gain. NIFTY Oil & Gas, Metal, Pharma, PSU Bank and Auto indices also rose between 1% and 1.5%.

Broader markets were also witnessing buying interest as NIFTY Midcap 100 index rose 1.12% and NIFTY Smallcap 100 index advanced 1.2%.

Among the individual shares, Gujarat Gas shares dropped 6% after the company said that availability of R-LNG has become severely constrained due to geopolitical tensions in the Middle East.

"In light of the above situation, the Company has issued Force Majeure Notices to its Industrial Customers in terms of the provisions of the Gas Supply Agreements restricting the Daily Contracted Quantity effective from 6th March, 2026," Gujarat Gas said in a regulatory filing.

Coal India was top gainer in the NIFTY50 index, the stock rose 4% to ₹453.

Reliance Industries, ONGC, Adani Ports, Sun Pharma, Bharat Electronics, NTPC, Shriram Finance, Hindalco and Larsen & Toubro also rose between 1.4% and 2%.

On the flip side, HCL Tech, Max Healthcare, IndiGo, Tech Mahindra, Asian Paints, TCS and Grasim Industries were top losers in the NIFTY50 index.

The overall market breadth was positive as 1,946 shares were advancing while 714 were declining on the NSE.