SENSEX up 500 pts, NIFTY above 22,200 in early trade led by IT and auto stocks

After extending loss of ten days, the benchmark equity indices on Wednesday, March 5, opened on a positive note backed by supports from IT and auto sector. The broader market also extended support during the opening bell.

At 10:40 AM, the S&P BSE SENSEX was trading at 73,550.76 levels, up 560.83 points or 0.77%, while the NSE's NIFTY50 index was trading at 22,268.10, rising 185.45 points, or 0.84%.

As many as 39 stocks on the NIFTY50 index were trading in the green and 11 in the red.

The top five gainers on the index were HCL Technologies, Mahindra and Mahindra, Tech Mahindra, Eicher Motors and Trent, gaining as much as 2.69% on the 50-share index.

The broader market also extended their gains during the morning trade.

The National Stock Exchange (NSE) on Tuesday announced a revision in the expiry day of all index and stock derivatives contracts from Thursday to Monday, effective April 4, 2025.

The US President Donald Trump criticised the high tariffs charged by India and other countries including China, calling it "very unfair" and announcing reciprocal tariffs will kick in from next month.

"Other countries have used tariffs against us for decades and now it's our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, - Mexico and Canada - Have you heard of them -and countless other nations charge us tremendously higher tariffs than we charge them. It's very unfair,” Trump said Tuesday night in an address to the Joint Session of the Congress, the first of his second term in the White House.

Globally, In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were trading higher. Seoul, Tokyo, Hong Kong and also bounced back and were trading higher.

The S&P 500 erased its post-election gains on Tuesday as markets reacted to tariffs on Canada, Mexico, and China. In response, Canada imposed immediate counter-tariffs on US imports, while China announced 15% duties on US farm products, including chicken and pork, set to take effect on March 10. Markets remain on edge as investors assess the broader economic impact.

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,405.82 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude depreciated by 0.34% to $70.80 a barrel.

As many as 2,712 stocks traded on the NSE during the early session, among which 2,274 stocks were trading in the green, 382 in the red and only 56 shares remained unchanged.

This indicated that the market breadth was in favour of bulls.

As many as 11 stocks hit their one-year high in the early trade, while only 95 stocks touched their 52-week lows.

Further, 140 stocks hit their lower circuits while 49 hit their upper circuits.

India VIX, the volatility gauge, was trading around 1.06% lower at 13.68 levels.

The broader market extended its gain during the opening bell with Nifty Midcap 100 trading 1.40% higher at 48,681.50 levels and Nifty Smallcap 100 at 14,995.05 levels, rising 1.57%.

The investment firm brought 9,000,000 shares at an average price of ₹46 per share. The total value of the deal is ₹41.4 crore.