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Informist, Thursday, Mar. 6, 2025

By Akshita Kumar

MUMBAI – The benchmark indices ended higher for the second straight session Thursday owing to gains in oil and gas and financial services stocks. The rise in index heavyweight Reliance Industries and Axis Bank added to the gains in the Nifty 50 index. Analysts also said the fall in the dollar index and crude oil prices, the move by the Reserve Bank of India to boost liquidity, and short-covering also drove the buying momentum.

The Nifty 50 ended at 22544.70 points, up 207.40 points or 0.9%, and the BSE Sensex ended at 74340.09 points, up 609.86 points or 0.8%. The 50-stock index ended higher after being choppy in early trade. Wednesday, the Nifty 50 had snapped a 10-day losing streak, its longest since 1996. The broader market indices sustained early gains and also ended higher. Nifty mid-cap indices ended over 0.3-0.6% higher and the small-cap indices ended up 1.3-1.5%.

Shares of oil-marketing companies Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. each ended over 3% higher. These stocks ended higher for the fourth straight session on a fall in crude oil prices. Owing to this, the Nifty Oil & Gas index ended up 2.6% and was the best performing sectoral index. Brent crude oil fell below $70 per barrel Tuesday. At 1554 IST, the Brent Crude May futures contract on the Intercontinental Exchange was at $69.44 per barrel.

Shares of paint manufacturers rose also due to the decline in crude oil prices. Shares of Asian Paints ended up nearly 5% to be the top-performing Nifty 50 constituent. Lower crude oil prices result in softer input costs for paint companies, which may boost gross margins and net profit.

Shares of Reliance Industries ended up 3%. The company has the third-highest weightage of 8.2% in the Nifty 50. Brokerage Jefferies maintained its 'buy' rating on the stock with a target price of INR 1,600, CNBC-TV18 reported. A combination of same-store sales growth and area addition should restore 15% growth in retail operations in the financial year 2025-26 (Apr-Mar), Jefferies said. Potential positive triggers for the stock include a hike in mobile tariffs, likely listing of Reliance Jio Infocomm, and an improvement in profitability of the oil-to-chemicals business, Jefferies said.

Shares of Hindalco industries ended 3.7% higher, extending gains for the sixth straight session. Shares of steel companies Tata Steel and JSW Steel ended up 3% and 1%, respectively. Sentiment towards metal stocks was boosted after China set its GDP growth target for 2025 at around 5% and reduced its inflation expectation to 2%, according to analysts. China's plan to restructure its steel industry to reduce total output may curb the dumping of cheap steel into the domestic market, which would be a positive for domestic steel makers.

Coal India and NTPC each ended over 3% higher to be among the top gainers in the Nifty 50 index. Shares of JSW Infrastructure and Mangalore Refinery & Petrochemicals ended over 6% higher, becoming the best performing Nifty 200 constituents.

Shares of three companies--Chennai Petroleum Corp., Godawari Power & Ispat, and Castrol India--closed 10-12% higher and were the only stocks in the Nifty 500 index to end with double-digit percentage gains. Shares of Castrol India ended up almost 11%, extending its gains for the fourth straight session. Media reports said Saudi Aramco, the world's largest energy company, is considering acquiring part or all of BP's lubricant business, which operates under the Castrol brand.

Shares of Britannia Industries, which rose 1.5% earlier, ended 0.4% lower. The company said its executive director and chief executive officer, Rajneet Singh Kohli, had resigned to take on a new role outside the company. 

Shares of Tech Mahindra ended 2.3% lower. The stock was the worst hit in the Nifty 50, and the only one to end over 1% lower in a positive market. Shares of Kalyan Jewellers India and JB Chemicals and Pharmaceuticals ended over 3% lower, and were the worst hit in the Nifty 500 index.

Among sectoral indices, Nifty Metal and Nifty Energy each ended over 2% higher, with most of their constituents in the green. These were among the best performing sectoral indices. Nifty Realty ended down 0.2% and was the only sectoral index to end in the red.

* Of the Nifty 50 stocks, 42 rose and 8 fell

* Of the Sensex stocks, 25 rose, 4 fell, and 1 was unchanged

* On the NSE, 2,207 stocks rose, 716 fell, and 73 were unchanged

* On the BSE, 3,006 stocks rose, 990 fell, and 107 were unchanged

* Nifty Oil & Gas: up 2.6%; Nifty Metal: up 2.3%; Nifty Energy: up 2%

BSE                                               NSE

Sensex: 74340.09, up 609.86 points or 0.8%        Nifty 50: 22544.70, up 207.40 points or 0.9%

End

Edited by Rajeev Pai

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