Indices snap three-day losing streak as RIL, L&T lead rebound

The domestic equity market advanced on Thursday, snapping a three-session losing streak, supported by gains in Reliance Industries and Larsen & Toubro as global risk appetite improved following a sharp sell-off triggered by the Middle East crisis. The benchmarks had declined steeply since Friday after the US-Israel strikes on Iran pushed crude oil prices higher and heightened inflation concerns. The Nifty ended above the 24,750 mark, led by gains in metal, consumer durable and auto stocks.

The S&P BSE Sensex jumped 899.71 points, or 1.14%, to 80,015.90. The Nifty 50 rose 285.40 points, or 1.17%, to 24,765.90. The 50-share index had fallen 3.99% over the previous three sessions.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index, added 1.44% and the BSE 250 SmallCap Index jumped 1.38%.

The market breadth was strong. On the BSE, 2,749 shares rose and 1,515 shares fell. A total of 153 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 15.52% to 17.86.

Numbers To Track:

The yield on India's 10-year benchmark federal paper declined 0.36% to 6.645 compared with previous session close of 6.669.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 91.5725 compared with its close of 92.0500 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement declined 0.05% to Rs 161,451.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 98.89.

The United States 10-year bond yield added 0.93% to 4.121.

In the commodities market, Brent crude for May 2026 settlement jumped $1.38 or 1.70% to $82.78 a barrel.

Global Markets:

The US Dow Jones index futures were down 122 points, indicating a weak opening for US stocks later today.

European equities traded higher on Thursday. According to preliminary estimates from Eurostat, the statistical office of the European Union, seasonally adjusted retail trade volume in January 2026 fell 0.1% in the euro area compared with December 2025, while it rose 0.1% across the EU.

Asian indices ended higher, rebounding after several sessions of sharp losses as sentiment improved following overnight gains on Wall Street and easing concerns over surging oil prices.

South Korea's Kospi surged more than 12%, staging a strong rebound after suffering its worst session on Wednesday. The recovery was largely driven by a reversal of leveraged selling.

Meanwhile, investors continued to monitor China?s major policy gathering, the Two Sessions, which began on Wednesday. China has reportedly set its GDP growth target for 2026 at 4.5% to 5%, the lowest target since the early 1990s, as Beijing grapples with persistent deflationary pressures and trade tensions with the United States. The government also kept its budget deficit target unchanged at around 4% of GDP.

Overnight in the United States, equities advanced as oil prices eased following developments related to the US-Israeli conflict with Iran and concerns over a potential slowdown in US economic growth subsided. The Dow Jones Industrial Average rose 0.49%, snapping a three-day losing streak. The S&P 500 gained 0.78%, while the Nasdaq Composite climbed 1.29%.

New Listing:

Shares of Omnitech Engineering ended at Rs 205.15 on the BSE, a discount of 9.63% as compared with the issue price of Rs 227.

The stock debuted at Rs 205, marking a discount of 9.69% to the issue price. The stock has hit a high of Rs 224 and a low of Rs 202.80. On the BSE, over 4.18 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Reliance Industries rose 3.29% as investors stepped in for value buying after the stock witnessed a sharp correction in recent sessions. The stock had declined 4.26% over the past three trading sessions amid rising geopolitical tensions in the Middle East, which had weighed on broader market sentiment.

A domestic brokerage said the company could see near-term benefits from the recent surge in energy prices, driven by a sharp rise in diesel refining margins and a potential improvement in petrochemical spreads.

Larsen & Toubro gained 3.88% as investors stepped in for value buying after the stock witnessed a sharp correction in recent sessions. The stock had fallen 9.71% over the past four trading days amid rising concerns about project execution risks linked to escalating geopolitical tensions in the Middle East.

BSE rose 5.49% after the capital markets regulator SEBI permitted the exchange to introduce derivative contracts on the BSE Sensex Next 30 Index. The index tracks the next largest and most liquid companies within the BSE 100 that are part of the derivatives segment but are not constituents of the benchmark Sensex 30 index. Following the approval, BSE will offer cash-settled monthly index futures and monthly index options on the new index. The contracts will have expiry on the last Thursday of the respective expiry month.

Gujarat Gas tumbled 4.62% after the company issued force majeure notices to its customers, restricting gas supply from 6 March 2026 amid the ongoing war in the Middle East region.

Ramky Infrastructure surged 11.55% after the company signed an EPC agreement with Maharashtra Industrial Township for infrastructure works at Dighi Port Industrial Area Phase 1 under the Delhi-Mumbai Industrial Corridor.

Granules India gained 4.06% after Granules Consumer Health received an Establishment Inspection Report (EIR) from US Food and Drug Administration (USFDA) for its packaging facility in Virginia, USA, with a no action indicated (NAI) status.

Markolines Pavement Technologies rose 0.16%. The company secured multiple work orders from various clients with a cumulative value of about Rs 439.74 crore for the execution of infrastructure and development projects.

Dalmia Bharat Sugar and Industries fell 2.36% after the company announced that Piyush Gupta has resigned from the position of chief financial officer (CFO) and key managerial personnel, effective March 5, 2026.

Aries Agro gained 3.62% after the company announced the inauguration of its relocated manufacturing facility in Unnao district of Uttar Pradesh.

Quest Flow Controls shed 0.66%. The company received a Rs 90 lakh order from a Government of India undertaking under the Ministry of Defence to supply naval and critical valves, including triple offset butterfly valves.

IPO Update:

The initial public offer (IPO) of Sedemac Mechatronics received bids for 26,03,073 shares as against 56,32,899 shares on offer, according to stock exchange data at 16:45 IST on Thursday (5 March 2026). The issue was subscribed 0.46 times.

The issue opened for bidding on 4 March 2026 and it will close on 6 March 2026. The price band of the IPO is fixed between Rs 1,287 and 1,357 per share.

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