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Sensex climbs above 50,000 on positive global cues and rally in IT and Energy stocks

Sensex opened higher by 296.31 points at 50,146.15 and Nifty-50 added 87.80 points or 0.59 per cent at 14,849.30

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The share markets continue to add gains for a second consecutive session on Tuesday, March 2.  The markets in the previous week witnessed heavy selling and led the indices to fall drastically, However, yesterday (March 1) the markets bounced back higher on cheers of positive global cues.

The markets today opened higher on positive global cues as the U.S markets closed after a massive jump as one more Covid vaccine backed the sentiment and also the bond yields finally calmed after rising to record highs. The Asian markets were trading higher too and the Singaporean exchange indicated a positive opening for the Indian markets too.

Sensex opened higher by 296.31 points at 50,146.15 and Nifty-50 added 87.80 points or 0.59 per cent at 14,849.30. In the pre-trading session, Sensex was up by 401 points at 50,251.77 and Nifty was up 196 points at 14,957.50. At the opening, 25 shares advanced and 5 declined in the BSE index, whereas 40 advanced and nine declined in the NSE index.

Shares of BPCL were in focus before the trading session as the company announced that it will exit Numaligarh refinery in Assam and will sell the entire stake to Oil India Ltd and Engineers India Ltd for Rs 9,876 crore. The stock today made to the top gainer of the index in the early trade by adding over three per cent at Rs 469.

Bajaj Finance, NTPC and Infosys were among the other top gainers of the index. ONGC, Shree Cements and Hindalco made to the top losers in the early trade. Hero MotoCorp was trading above two per cent at Rs 3,418.65 after the company reported a 1.45 per cent increase in the number of sales for February 2020.

On the sectoral front, all sectors were trading green at opening with IT, Banks and Energy leading the rally. Infosys made to the top contributor from the IT pack as it surged over two per cent in the early trade.  

Experts in the market suggest that the direction of the market will be further directed by global cues as investors will monitor bond yields, inflation data and Covid cases. Investors can continue to buy on dips strategy and traders should be cautious and book profits at intervals said an analyst from Motilal Oswal.

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