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Indian equity benchmarks extended rally for the second consecutive trading session. The BSE Sensex rose 0.7% or 550 points to close above 76,000 and the NSE Nifty 50 rose over 0.5% to settle near 23,600. Intraday, the 30-stock index rose as much as 801 points and the 50-share index rose as much as 1.1%.
Meanwhile, oil prices increased as uncertainty persisted over a US-led plan to secure shipping in the Strait of Hormuz. Brent crude gained 4% to $103.65 per barrel. West Texas Intermediate rose 4.2% to $97.08 per barrel.
Elsewhere, European stocks traded broadly higher. The Stoxx 600 gained 0.75% after the open, with most major indices in the green, including the FTSE, CAC and IBEX 35. Declines were seen in Sweden's OMX30 and Germany's DAX. In the US, stock futures traded lower. S&P 500 futures slipped 0.3%. Nasdaq 100 futures declined 0.4% and Dow Jones Industrial Average futures fell 117 points, or 0.3%.
Broader markets ended mixed.
All Nifty sectoral indices ended higher except FMCG and IT.
Nifty Auto, Bank, Financial Services and PSU Bank rose for the second consecutive day.
Nifty Defence and Realty snapped a four‑day losing streak, while Nifty Energy, Oil & Gas and Pharma also reversed recent declines.
No dry‑out has been reported at fuel pumps, and states have been asked to permit gas pipeline laying.
All new PNG connections must be cleared within 24 hours.
LPG supply remains tight but without reported dry‑outs.
About 94% of domestic LPG bookings are now made online, and Delivery Authenticity Code usage has risen to 76%.
Several states, including Bihar, Delhi, Haryana, Rajasthan, Manipur, Gujarat, Himachal Pradesh, Karnataka and Uttarakhand, have issued orders for allocating non‑domestic LPG.
Authorities have conducted 12,000 raids so far, seizing more than 15,000 cylinders.
OMCs carried out 2,500 surprise inspections yesterday.
The ministry said around 70,000 panic LPG bookings were made yesterday.
The firm’s proprietary sentiment indicator is at new lows excluding the COVID period, while India’s relative valuations are near levels last seen during the global financial crisis.
The brokerage said the market is pricing in significant negative news.
What to buy: Industrials, consumer discretionary and financials.
Morgan Stanley is equal‑weight on tech and expects a possible relief rally into the earnings season.
Utilities and defensives such as consumer staples and healthcare may underperform after holding up during the recent decline.
The latest BofA Global Fund Manager Survey shows a clear shift toward caution, with cash levels rising even though there is still no sign of full equity capitulation. The March survey has turned notably bearish, driven by concerns related to Iran and mounting risks in private credit, which have ended the “frothy bull” sentiment seen in recent months.
Growth optimism has fallen sharply, and average cash levels have increased to 4.2 percent, reflecting a more defensive stance among global fund managers. The survey also highlights key tactical views: participants are bearish enough to sell oil above 100 dollars per barrel, sell the US dollar (DXY) above 100, buy long‑duration US Treasuries at 5 percent, and view the S&P 500 at 6600 as a reasonable buy level.
Despite the shift in tone, BofA notes that positioning indicators remain far from the extremely bearish levels normally observed at major market lows, which historically have offered strong entry points for equities and credit.
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Source: Statement
Puravankara received a letter of intent for an order worth Rs 280 crore from VIT, Vellore for construction of academic block.
Source: Exchange Filing
Kalpataru Projects secured three new orders with a total value of Rs 2,471 crore, according to an exchange filing.
The rupee fell by 3 paise, or 0.04%, against the US dollar at the start of trade.
The Singapore GRMs represent what refiners make from processing each barrel of crude into diesel, gasoline, and other products. Since Singapore is a major refining center, these margins act as a benchmark for the global refining industry.
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