Sensex jumps 300 pts, Nifty gains 100; oil & gas stocks fuel the rally

The stock market opened strong for the second straight session on Thursday, March 6. Oil and gas, media, mid and small-cap IT, and telecom stocks led the gains.

At 9:20 AM, the BSE Sensex surged 302.18 points, or 0.41%, to 74,032.41. The NSE Nifty climbed 99.05 points, or 0.44%, to 22,436.35.

Top Gainers

Reliance Industries gained the most among Sensex stocks, rising 2.03% to ₹1,199.65. Asian Paints followed with a 1.86% jump to ₹2,205.55. Tata Steel advanced 1.71% to ₹148.65. Only five of the 30 Sensex stocks traded in the red.

Sector Performance

The Nifty Oil & Gas Index led sectoral gains, rising 1.93% to 9,981.60. Nifty Media followed with a 1.87% increase to 1,475.15. The Nifty Midsmall IT & Telecom Index gained 1.24% to 9,188.35.

Yesterday, the Nifty Midsmall IT & Telecom Index surged 1.99%, leading sectoral gains. The Nifty Oil & Gas Index rose 1.16% to 9,687.95. Unlike Wednesday, global oil prices climbed today. Brent Crude for May 2025 contracts increased 0.58% to $69.70 per barrel. WTI Crude for April 2025 contracts gained 0.57% to $66.69 per barrel.

Previous Session Recap

On Wednesday, the Sensex closed 740.30 points, or 1.01%, higher at 73,730.23. The Nifty ended up 254.65 points, or 1.15%, at 22,337.30, breaking its 10-day losing streak.

“Nifty ended its worst-ever 10-day decline by rising 1.2% yesterday,” said Akshay Chinchalkar, Head of Research at Axis Securities. “The recovery from a key support zone is promising. The outperformance of the NSE500, small caps, and mid-caps over the last three sessions adds strength to the rally.”

He noted that support has now moved to the 22,100-22,187 zone. “This increases the chances of testing the 22,410-22,720 resistance zone. A close above 22,508 would give bulls a tactical boost,” he added.

Major Gainers from Wednesday’s Close

Adani Ports & SEZ led Sensex gains, rising 5.02% to ₹1,112.55. Tata Steel followed with a 4.92% increase to ₹146.15. Power Grid Corporation advanced 4.27% to ₹264.90. Only five of the 30 Sensex stocks ended lower.

Sectoral Highlights from Wednesday

The Nifty Midsmall IT & Telecom Index surged 4.43% to 9,075.75, leading all sectors. Nifty Metal gained 4.04% to 8,685.20, while Nifty Media added 3.14% to 1,448.10.

Institutional Activity

Foreign Institutional Investors (FIIs) sold equities worth ₹2,895.04 crore. Meanwhile, Domestic Institutional Investors (DIIs) bought ₹3,370.60 crore worth of stocks, driving the market higher.