Sensex pares 730 pts from high, Nifty tests 22,700; Brent crude tops $104

The Nifty50 and the Sensex pared gains from opening highs as oil prices advanced after reports said that Iran’s energy infrastructure was damaged despite a five-day break.

The Nifty50 was trading 239.85 points or 1.04 per cent higher at 22,745.5, and the Sensex was trading 778.80 points or 1.07 per cent higher at 73,478.4.

Shriram Finance, Eicher Motors, and Eternal were the top gainers in the Nifty50 index.

The Nifty India Volatility Index fell 7.52 per cent to 24.72 shortly after opening.

Broader markets also came off their opening highs. The Nifty MidCap and the Nifty SmallCap were up 1.31 per cent and 1.13 per cent, respectively.

Sector-wise, the Nifty Auto outperformed peers with nearly 2 per cent gain. The Nifty PSU Bank and Nifty Metal also outperformed.

Meanwhile, the Nifty IT emerged as the worst performer with the least gains.

Brent crude jumped 4.2 per cent and topped $104-per-barrel mark as Iran denied of talks with the US and reported fresh attack on its energy infrastructure.

Earlier, Brent crude slipped below the $100-per-barrel mark as US President Donald Trump said that he delayed the energy strikes for a five-day period following productive discussions with Iran.

IPO Today
Amir Chand Jagdish Kumar (Exports), Powerica, and Sai Parenteral’s initial public offers will open for subscription on Tuesday. In the SME segment, Highness Microelectronics IPO will open for subscription.

Central Mine Planning & Design Institute’s IPO will enter its final day of subscription on Tuesday. On Monday, the issue was subscribed 0.26 times. It’s a book-build issue of ₹1,842.12 crore. The IPO will close on March 24.

Similarly, Speciality Medicines IPO will enter its final day. On second day, the IPO was subscribed 0.94 times. The company aims to raise ₹29.14 crore.

Meanwhile, Tipco India Engineering’s ₹60.6-crore IPO will enter its second day for subscription on Tuesday.