Sensex, Nifty eke out gains; energy, IT stocks save the day

Mumbai, Mar 08 (PTI): Benchmark indices Sensex and Nifty eke out gains on Monday after two sessions of decline as investors snapped up energy, IT and pharma shares.
After fighting multiple bouts of volatility during the session, the BSE gauge Sensex settled 35.75 points or 0.07 per cent higher at 50,441.07.
Intraday, the index rose as much as 667 points, but pared most of its gains tracking weakness in global markets. The NSE Nifty ended higher by 18.10 points or 0.12 per cent at 14,956.20. On the Sensex chart, L&T was the biggest gainer, rising by 3.43 per cent. ONGC rose by 2.96 per cent, HCL Tech by 2.22 per cent, NTPC by 1.66 per cent, Axis Bank by 1.6 per cent and Infosys by 1.54 per cent. On the other hand, Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Auto and HDFC twins emerged as top laggards. “Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & gas, PSU banks and metal stocks were in focus,” Vinod Nair, Head of Research at Geojit Financial Services said. Among sectoral indices, BSE capital goods index rose by 1.76 per cent, oil & gas shot up 1.62 per cent, industrials gained 1.19 per cent and utilities 1.09 per cent. Of the 19 indices, 12 logged gains. In the broader market, smallcap, midcap and largecap indices outperformed the benchmark. Binod Modi, Head – Strategy at Reliance Securities, said, “Domestic equities traded mostly positive despite soft global cues. A sharp recovery in PSU Banks, IT and metals indices lent support to markets. Barring realty and FMCG, most of key sectoral indices ended in green. Notably, volatility index softened by over 4% offering some comfort to investors.”
Modi added that recent rise in US bond yields is discounting a faster recovery in economic growth and this is unlikely to move northward beyond a point.
Japan’s benchmark Nikkei 225 was up 0.2 per cent in early trading at 28,926.03. Australia’s S&P/ASX 200 jumped nearly 1.0 per cent to 6,776.00, while South Korea’s Kospi shed 0.2 per cent to 3,020.40. Hong Kong’s Hang Seng fell 1.2 per cent to 3,020.40, while the Shanghai Composite fell 0.5 per cent to 3,483.92.