Stock market update: Nifty above 16,200, Sensex adds over 900 points; IT gains, metal drags

The domestic equity market extended gains made in the morning to trade higher by over 1.5% in afternoon session on Wednesday. The broader Nifty50 went past 16,200, while the Sensex added more than 900 points as benchmarks hit day's highs of 16,276 and 54,441. The recovery comes ahead of Assembly poll results of five states on March 10.  

Mirroring benchmarks, Nifty midcap and smallcap surged 1.7 and 1.8% respectively.  

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The 12-share Nifty Bank too gained nearly 300 points to trade above 33,400 as auto, FMCG, IT, PSU Bank, Realty and Healthcare surged the most. Metal index was the only loser in an otherwise positive market. 

Reliance, Mahindra & Mahindra, Tech Mahindra, Grasim, Adani Ports, Ultratech cement, Infosys, Hindustan Unilever, Sun Pharma and Titan led the indices recovery from the front.  

Shree Cement, Power Grid, NTPC, JSW Steel, Tata Steel, Nestle India, Kotak Bank were top losers.  

Earlier, snapping four days losing trend, Indian market has closed nearly 1% higher on Tuesday. "Strength in financial and information technology companies helped Indian markets make a comeback on Tuesday, snapping a four-day losing trend. Investors will certainly pay attention to exit polls before the state election results, which are only a day away," said Likhita Chepa, Senior Research Analyst, Capitalvia Global Research Ltd.  

Broader Asian stocks struggled for footing as investors assessed the impact of a worsening conflict in Ukraine and a U.S. ban on Russian oil.  

"Oil prices jumped after U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine," said a Reuters report.  

Meanwhile, in a related development, TCS share buyback kicked in today (March 9) and will close on March 23.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)