April 23, 2024
Stock Market

Sensex Today | Share Market Live Updates: Benchmarks jump sharply on trade data; Sensex up 300pts, Nifty tests 21,950


15 Feb 2024, 02:16 PM IST
Sensex Today Live : ICICI Securities retains ‘BUY’ rating for Eicher motors, increases TP post Q3FY24 results

BUY (Maintained) 

CMP: INR 3,854

Target Price: INR 4,512 (INR 4,074)

Eicher Motors

Automotives

Steady performance; portfolio expansion to add to growth

Eicher Motors’ (EIM) Q3FY24 standalone EBITDAM came in at 27.5% (down 40bps QoQ) vs. our estimate of 26.5%. EBITDA/unit was up 2% QoQ, at ~INR 49k, despite RE’s volumes being down 1% QoQ, at ~228k units.

We are building in ~0.94mn/1.03mn units for FY24E/FY25E with mean EBITDAM of ~27% to arrive at a revised DCF-based target price of INR 4,512 (earlier INR 4,074), implying ~25x FY26E consolidated EPS. We maintain BUY. Change in TP is driven by 100bps improvement in margin outlook and earnings rollover.

15 Feb 2024, 02:02 PM IST
Sensex Today Live : 2 pm update

In a day marked with choppy trading, Indian benchmark indices climbed sharply in afternoon trading.

At 2 pm, Sensex was up 337.70 points, or 0.47%, at 72,160.53, and Nifty was up 107.90 points, or 0.49%, at 21,947.95.

15 Feb 2024, 01:45 PM IST
Sensex Today Live : ICICI Securities retains ‘BUY’ rating for Bharat Electronics, increases TP post Q3FY24 results

BUY (Maintained) 

CMP: INR 177

Target Price: INR 215

Bharat Electronics

Defence

Impressive order inflow continues

Taking cognizance of the duration of recently received orders and sustained inflow, we see no risk to our revenue growth estimate of 16% YoY for FY25. Maintain BUY at an unchanged TP of INR 215 based on 32x FY26E EPS.

BEL’s FY24 order inflow has surpassed our estimate of INR 300bn for FY24 post receipt of additional orders in Feb’24.

In FY25’s interim budget, we note that FY24’s revised expenditure (RE) for Other Equipment (for the navy) is 60% higher compared to BE, as orders were fast-tracked in-line with the delivery schedule of the shipyards. The execution of its current order book with the shipyards is expected to peak in FY25 and FY26; hence, we believe that the orders were fast-tracked to negate any delays that may arise owing to the general elections to be held.

Outlook: Sustained order inflow a big positive; maintain BUY

Among all the DPSUs under our coverage, BEL has received the highest order inflow thus far in FY24. Going by the interim budget allocation for FY25, we believe that spending is expected to stay steady, resulting in order accretion of almost INR 300bn in FY25 as well. We maintain BUY and our TP of INR 215 based on 32x FY26E EPS.

15 Feb 2024, 01:32 PM IST
Sensex Today Live : ICICI Securities upgrades Hindalco to ‘BUY’, increases TP post Q3FY24 results

BUY (Upgrade from ADD)

CMP: INR 510

Target Price: INR 620

Up 22%

Robust fundamentals; earnings growth in sight

Hindalco’s (HNDL) Q3FY24 performance was ahead of our/consensus estimates by 6-7%. HNDL’s India business is likely to post stable performance as management aims to expand downstream capacity.

At Novelis, the improving profitability shall likely sustain across the cycle with net debt/EBITDA of less than 3x.

In our view, the sharp correction in HNDL’s stock price provides a good entry point. Our TP of INR 620 (6.5x FY26E EBITDA) implies an upside of 22%. We upgrade the HNDL to BUY (from Add).

15 Feb 2024, 01:18 PM IST
Sensex Today Live : RIL Tata JV: Mukesh Ambani’s Reliance mulls buying 29% stake in Tata Play from Walt Disney

Mukesh Ambani’s Reliance Industries (RIL) is in talks to acquire a 29.8% stake in Tata Play, the satellite TV and streaming service currently owned by Walt Disney. This move, if finalized, would mark a significant expansion for RIL into the television distribution sector, potentially creating a major media powerhouse in India, according to a report by Business Standard.

Currently, Tata Sons, the holding company of the Tata group, holds a majority stake (50.2%) in Tata Play. The remaining shares are owned by Disney and Singapore-based investment firm Temasek, the report added. (Read the full story here.)

15 Feb 2024, 01:04 PM IST
Sensex Today Live : 1 pm update

In a day market with choppy trading, Indian benchmark indices were off the days lows and trading marginally up.

At 1 pm, Sensex was up 6.74 points, or 0.01%, at 71,829.57, and Nifty was up 12.15 points, or 0.06%, at 21,652.20.

In the borader market, the Smallcap and Midcap indices were up around 1%, while across sectors, O&G and PSU Bank indices had pulled ahead with a nearly 2.5% lead.

Meanwhile, the Private Bank index was in the red, down 0.15%.

15 Feb 2024, 12:56 PM IST
Sensex Today Live : Elara Securities India recommends to ‘SELL’ Garden Reach Shipbuilder & Engineers

Rating: SELL

Target Price : INR 720

Upside : 11%

CMP : INR 811 (as on 14 February 2024)

Execution falls short of expectations

Revenue rises 32% in Q3FY24

Garden Reach Shipbuilders & Engineers’ Q3 revenue rose 32% YoY to INR 9.2bn, 17% below our estimates.

Pipeline robust but large next-gen corvette orders deferred

GRSE’s pipeline is supported by many upcoming naval projects, such as the request for proposal (RFP) for an oceanography & survey ship for Defence Research and Development Organisation (DRDO) at ~INR 7.5-10.0bn.

Valuation: reiterate Sell with a higher TP of INR 720

We cut FY24E EPS by 11% on lower-than-expected execution in the past six months, leading to margin compression. But we raise our FY25E/26E EPS by 5%/4% on execution ramp-up. We raise our TP to INR 720 from INR 695, on SOTP, assuming core shipbuilding value of INR 577 at 16x (unchanged) December 2025E P/E, in-line with defence shipbuilding P/E multiple, and a cash value of INR 144 at 8x (unchanged) P/E as we roll forward to December 2025E earnings.

We maintain Sell, due to deferment of a large order in NGC to CY24 (from FY24), which may defer revenue growth beyond FY26, and given 11% stock outperformance versus the Nifty index in the past six months. We expect an EPS CAGR of 38% in FY23-26E and improvement in ROE/ ROCE by 940bps to 27% and by 880bp to 25% in FY24-26E, respectively.

15 Feb 2024, 12:43 PM IST
Sensex Today Live : 450% rally in one year. Multibagger NBFC stock Mufin Green hits upper circuit post Q3FY24 results

Shares of Mufin Green Finance are one of the multibagger stocks that the Indian stock market has delivered in the past year. The stock has delivered more than 450% returns to its positional investors in the last one year. However, it seems that the NBFC stock still has some upside potential.

Mufin Green Finance share price today opened upside and went on to touch an intraday high of 250 apiece on BSE, touching a 5 percent upper circuit within a few minutes of the opening bell on Thursday. While locking in a 5 percent upper circuit during Thursday deals, the multibagger stock went on to touch the upper circuit for the second straight session. After climbing to its existing lifetime high of 273.10 apiece on 8th February 2024, this NBFC stock has remained one of the circuit-to-circuit stocks of the Indian stock market. (Read the full story here.)

15 Feb 2024, 12:29 PM IST
Sensex Today Live : M&M shares jump over 5% post Q3 earnings. Is the stock buy-worthy?

The carmaker’s share price continued its positive run for the second consecutive session as it jumped almost 5% in morning trade on BSE on Thursday, a day after declaring its December quarter results. Mahindra and Mahindra share price opened at 1,683.10 against the previous close of 1,657.60 and jumped 4.7 per cent to the level of 1,734.70. Around 10:55 am, the stock traded 3.78 per cent higher at 1,720.30 on the BSE. (Read the full story here.)

15 Feb 2024, 12:15 PM IST
Sensex Today Live : Sector Indices Heat Map

Across sectors, the Oil & Gas, PSU Bank indices were up over 2.5%, while the Private bank index was red.  Auto and Realty indices were the other sectors performing well on the NSE, up nearly 1% at noon.

15 Feb 2024, 12:11 PM IST
Sensex Today Live : Broader market indices heat map

The broader market was up at noon, with the Smallcap index trading over 1% higher, and the Midcap index up 0.8% .

15 Feb 2024, 12:09 PM IST
Sensex Today Live : Gainers and Losers on Nifty

Private bank and FMCG stocks were under pressure on the Nifty index at noon. 

15 Feb 2024, 12:05 PM IST
Sensex Today Live : Gainers and Losers on Sensex

Private bank stocks were under selling pressure at noon, while automaker Mahindra & Mahindra had gained a lead of over 5%. 

15 Feb 2024, 12:02 PM IST
Sensex Today Live : 12 pm update

Indian benchmark indices were off the days and trading marginally up at noon.

At 12 pm, Sensex was up 34.35 points, or 0.05%, at 71,857.18, and Nifty was up 17.85 points, or 0.08%, at 21,857.90.

In the borader market, the Smallcap index was up over 1%, while the Midcap index was up around 0.8%.

Meanwhile, across sectors, O&G and PSU Bank had pulled ahead with a 2.6% lead, while the Private Bank index was in the red, down 0.03%. Auto and Realty indices were also up around 1%.

15 Feb 2024, 11:57 AM IST
Sensex Today Live : SBI stock climbs 33% in less than 3 months, Motilal Oswal sees further 15% upside. So, what’s cooking?

Shares of State Bank of India (SBI), the nation’s largest public sector bank, gained sharply in February, even as the bank reported a weak set of numbers in Q3, affected by higher wage provisions and soft other income.

The stock has soared nearly 17% this month so far, marking its largest monthly gain since January 2022. Since December, it has risen approximately 33%, demonstrating robust growth in less than three months.

Going forward, the stock is likely to maintain its upward trajectory, according to the projections made by the domestic brokerage firm Motilal Oswal. In its latest report, the brokerage highlights State Bank of India’s (SBI) consistent strong performance for the past few years, achieving new profitability milestones such as surpassing 500 billion in PAT in FY23. (Read the full story here.)

15 Feb 2024, 11:44 AM IST
Sensex Today Live : Elara Capital reveals its India Strategy; says its time to consider mispriced opportunities

Optimism around India’s growth prospects, sound fundamentals, robust earnings and policy continuity led to FIIs returning to India, which, with greater domestic participation helped fuel the 20% rally for the Nifty 50 in CY23. This has pushed market valuations to peak levels and our proprietary framework ‘What’s in Price? (WSIP)’ is now capturing in extreme optimism, with 45% of the stocks within BSE200 universe trading in 75-100% Long Term Growth Value (LTGV) bucket.

Markets attributing LTGV in peak range…

We expect the market to remain range-bound in the near-term, with intermittent bouts of volatility amid profit-taking.

…but Nifty better placed

The Nifty appears more favorably positioned, with its LTGV at 61%, lower than both BSE200 and Nifty Midcap 100, suggesting lesser speculation priced in. Value distribution in the LTGV also favors Nifty, with 26% of the companies in value zone (<50 LTGV bucket) versus 22% in BSE200.

Energy in sweet spot; Banks baking in long-term earnings

Energy’s LTGV has expanded into positive territory after being negative for the past four years. Tailwinds such as: (a) favorable government policies, (b) beneficial global market dynamics and (c) shift towards sustainable energy suggest strong outlook.

Conversely, we see Banks to continue facing challenges in the near term, including profitability pressures and declining margins. The sector’s current valuations include significant long-term expectations, which given the sectoral headwinds and low margin of safety might lead to a cautious outlook.

PSUs – Cautious optimism

Historical trends suggest potential pre-election gains, but peak valuations warrant caution. Strategic disinvestments could unlock further value, offering a cautiously optimistic outlook with selective opportunities post-elections.

15 Feb 2024, 11:30 AM IST
Sensex Today Live : Who profiteered the most from GST tweaks? CCI has clues

Real estate developers have topped the list of businesses facing consumer complaints for suspected goods and services tax (GST)-related profiteering, data from the Competition Commission of India (CCI) showed.

Since last May, when it regained its full quorum after a brief spell of vacant positions, CCI has issued around 44 orders on complaints of businesses allegedly pocketing the benefits of GST rate reduction or tax credits meant for consumers. (Read the full story here.)

15 Feb 2024, 11:17 AM IST
Sensex Today Live : Mint Explainer – Why AIFs want to pledge shares of investee companies

Eight months after it pulled up some alternative investment funds for pledging shares in investee companies to facilitate financing for the latter, markets regulator Securities and Exchange Board of India (Sebi) is readying to ease its rule on indirect borrowing. The regulator published a consultation paper on lifting prohibitions on AIFs pledging shares they hold in infrastructure companies earlier this month. The proposal is seen as a measure to accelerate infrastructure development in the country.

Sebi currently considers pledging securities of portfolio companies by AIFs to enable investee businesses to avail bank finance as indirect borrowing and prohibits category I and II AIFs from entering into such arrangements. (Read the full story here.)

15 Feb 2024, 11:02 AM IST
Sensex Today Live : 11 am update

Indian benchmark indices were trading flat.

At 11 am, Sensex was down 2.07 points at 71,820.76 and Nifty was up 19.25 points, or 0.09%, at 21,859.30.

15 Feb 2024, 10:55 AM IST
Sensex Today Live : Ashish Kacholia portfolio – Dividend stock Fineotex Chemical hits lifetime high after Q3 results 2024

Fineotex Chemical shares have been on an uptrend for the last one week. However, it seems that the chemical stock still possesses some upside potential. In early morning deals on Thursday, Fineotex Chemical share price opened upside and went on to touch an intraday high of 421.30 apiece on NSE, which turned out a new lifetime high for this Ashish Kacholia-backed chemical stock. (Check the details here.)

15 Feb 2024, 10:46 AM IST
Sensex Today Live : Cipla, Sun Pharma, Mankind among key Indian pharma market growth leaders during the month of January

Indian Pharma market growth in January 2024 at 7.9% remained slightly soft, with acute range of products growing at a slower pace compared to chronic range of products, as per reports.

While the chronic range of products saw 11% year on year growth, the acute range of products could grow at 6% YoY during the month.

The growth in chronic range of products has remained strong for past few months, while acute range of products are growing at a slightly softer pace.

Analysts at Kotak Institutional Equities, said “We note that while chronic growth has recovered from single digits over the past couple of months, the acute slowdown phenomenon is yet to be completely addressed”.

15 Feb 2024, 10:33 AM IST
Sensex Today Live : Nifty Oil & Gas biggest gainer on NSE; Up 2.3%

Nifty Oil & Gas was the biggest gainer among sector indices on NSE, up 2.3%

15 Feb 2024, 10:29 AM IST
Sensex Today Live : ICICIdirect gives technical market outlook

· The index has undergone slower pace of retracement as over past eight sessions it retraced 61.8% of preceding seven sessions up move (21137–22126), highlighting robust price structure. This makes us confident to reiterate our positive stance and expect index to challenge the life highs of 22,124 in the coming month. The bottom up approach of Nifty 50 component highlights robust price structure that bodes well for next leg of up move. Thereby, we advise to adopt buy on dips strategy which has been faring well

· The formation of lower high-low on the weekly chart indicates short term corrective bias that makes us revise support base at 21100 as it is confluence of:

· 61.8% retracement of mid Dec-Jan rally (20508-22124)

· January 2024 low is placed at 21,137

15 Feb 2024, 10:22 AM IST
Sensex Today Live : Senco Gold share price jumps as Emkay Global raises target price post Q3 results

Share price of Senco Gold jumped over 7% after the jewellery retailer reported its December quarter earnings. Its shares rallied as much as 7.32% to 818.05 apiece on the BSE.

The retailer reported a consolidated net profit of 109.32 crore for the quarter ended December 31, up 5.8% from 103.35 crore during the corresponding quarter of the previous fiscal. The company’s revenue from operations in Q3FY24 rose 23.3% to 1,652.20 crore from 1,339.63 crore, year-on-year (YoY), led by strong 17% SSG and 11% increase in average store count. (Read the full story here.)

15 Feb 2024, 10:08 AM IST
Sensex Today Live : Sebi ropes in Irdai on Rashmi Saluja’s Care Health Esops

The battle for Religare Enterprises Ltd (REL) has taken a new turn, with the market regulator seeking the views of its insurance counterpart on REL’s insurance unit issuing hefty stock options to Rashmi Saluja, who chairs both companies.

On 4 January, the Securities and Exchange Board of India (Sebi) wrote to the Insurance Regulatory and Development Authority of India (Irdai) for its detailed views and comments on the grant of Care Health Insurance Ltd stock options to Saluja. The letter from Sebi’s corporate finance department stated the matter is of high importance given the amount involved for incentivizing a single employee; and the Burman family’s planned takeover of Religare. (Read the full story here.)

15 Feb 2024, 10:02 AM IST
Sensex Today Live : 10 am update

Indian benchmark indices erased early morning gains to slip into the red.

At 10 am, Sensex was down 158.87 points, or 0.22%, at 71,663.96 and Nifty was down 30.35 points, or 0.14%, at 21,809.70.

15 Feb 2024, 09:48 AM IST
Sensex Today Live : Glenmark Pharmaceuticals share price jumps following Q3FY24 results

Glenmark Pharma share price jumped over 6 per cent in early trade on the BSE on Thursday, February 15, a day after the company reported its December quarter earnings.

Glenmark Pharma share price opened at 766.65 against the previous close of 796.30 and rose 6.4 per cent to the level of 847.30. Around 9:20 am, the stock traded 5.22 per cent up at 837.90.

The pharma company reported a standalone loss of 20.40 crore in Q3FY24, compared to 430.53 in the corresponding quarter previous year Q3FY23, the company said in a stock exchange filing. Glenmark’s revenues declined 38.4 per cent YoY to 1,304.16 crore, compared to 2,118.99 crore in the corresponding quarter last year. Ebitda stood at 144.4 crore this quarter against 474 crore in the previous corresponding quarter.

15 Feb 2024, 09:38 AM IST
Sensex Today Live : RBI swipes left on commercial credit cards

The Reserve Bank of India (RBI) has halted businesses from paying each other via credit cards, by ordering card networks Visa and Mastercard to stop all such payments.

Businesses typically pay their vendors by bank transfers or commercial credit cards, sometimes mediated by fintechs. The latter are called Business Payment Service Provider (BPSP) transactions, now suspended by RBI.

While the exact reason for the abrupt move is not known, Arpit Ratan, co-founder and chief business officer of Signzy, a digital banking infrastructure provider, said that RBI’s concern seems to come from the fact that certain recipients of card transactions may not be registered merchants, something that is not allowed by the KYC regime. KYC stands for know your customer. (Read the full story here.)

15 Feb 2024, 09:29 AM IST
Sensex Today Live : Sector Indices Heat Map

Across sectors, the PSB index was leading the charts, up more than 1.5%, while Realty, IT and Auto indices were also up over 1% in early trades. 

15 Feb 2024, 09:27 AM IST
Sensex Today Live : Broader market indices heat map

Across the broader markets, both Smallcap and Midcap indices were up more than 1%.

15 Feb 2024, 09:25 AM IST
Sensex Today Live : Gainers and Losers on Nifty

Bank stocks were under pressure in early trades. 

15 Feb 2024, 09:24 AM IST
Sensex Today Live : Gainers and Losers on Sensex

Mahindra & Mahindra was leading the charts, up more than 4%, on Sensex following a robust showing in Q3FY24 results.

15 Feb 2024, 09:17 AM IST
Sensex Today Live : Benchmark indices advance at opening bell; Sensex up 230pts, Nifty at 21,900

Indian benchmark indices opened in the green on Wednesday, following a rebound in global stocks.

At opening bell, Sensex was up 238.64 points, or 0.33%, at 72,061.47 and Nifty was up 63.05 points, or 0.29%, at 21,903.10.

15 Feb 2024, 09:10 AM IST
Sensex Today Live: Benchmark indices advance at pre-open; Sensex up 230pts, Nifty at 21,900

Indian benchmark indices were in the green at pre-open on Thursday, following a rebound in global stocks.

Sensex was up 238.64 points, or 0.33%, at 72,061.47 and Nifty was up 66.50 points, or 0.3%, at 21,906.55 during pre-open.

15 Feb 2024, 08:48 AM IST
Sensex Today Live : Reliance Securities gives technical outlook on Bank Nifty

Bank Nifty has once again bounced from its 200 day average support and witnessed a quick recovery of 1000 points from the day’s low indicating strength.

We believe the up move could extend near to 46,800 levels as multiple bottoms are being made near the average and 200 day average has moved higher to 44,900 levels.

RSI has crossed its average line accelerating the up move as expected and other indicators are also moving in tandem.

Bank Nifty highest call OI is at 46,500 levels while on the downside put OI will has moved higher to 45,500 levels.

15 Feb 2024, 08:40 AM IST
Sensex Today Live : Reliance Securities gives technical outlook on Nifty-50

NIFTY-50 has managed to hold its support of 50 day average despite negative global cues and closed near the high point of the day led by broader positive momentum.

We expect a extended up move to 22,100 levels near to the all time high and on the downside 21,450 will be the trend reversal levels.

RSI is piercing upwards crossing its average line and other key technical indicators are poised for an up move.

Highest call OI is at with 22,000 strike while on the downside the highest put OI has moved higher to 21,800 for the weekly expiry.

15 Feb 2024, 08:36 AM IST
Sensex Today Live : Buy or sell – Angel One’s Osho Krishan recommends buying KEC Intl and Va Tech Wabag today

Domestic benchmark equity indices Nifty 50 and Sensex recovered from the Wednesday’s low and ended in green, supported by buying in banking stocks.

Analysts pointed out that public sector banks (PSB) were drawn to the government’s ongoing emphasis on fiscal prudence and improving asset quality, but questions remained about their high valuations. Favourable inflation data from the UK added to the confidence and helped spark an overall recovery. (Read the full story here.)

15 Feb 2024, 08:23 AM IST
Sensex Today Live : Buy or sell – Vaishali Parekh recommends three stocks to buy today — February 15

Posting a strong recovery from morning lows aided by recovery in bank stocks, the Indian stock market ended higher on Wednesday. The Nifty 50 index finished 96 points higher at the 21,840 level, the BSE Sensex surged 267 points and closed at the 71,822 mark while the Bank Nifty index ended 405 points up at the 45,908 level.

In the broader market, both small-cap and mid-cap indices outperformed Nifty even as the advance-decline ratio recovered sharply to 1.95:1. Oil & Gas, and Metal stocks also witnessed heightened activity in the previous session. (Read the full story here.)

15 Feb 2024, 08:21 AM IST
Sensex Today Live : Day trading guide for stock market today: Nine stocks to buy or sell on Thursday — 15th February

Following recovery from morning lows aided by recovery in bank stocks, the Indian stock market ended higher on Wednesday. The Nifty 50 index finished 96 points higher at the 21,840 level, the BSE Sensex surged 267 points and closed at the 71,822 mark while the Bank Nifty index ended 405 points up at the 45,908 level. In the broad market, both small-cap and mid-cap indices outperformed Nifty even as the advance-decline ratio recovered sharply to 1.95:1. Oil & Gas, and Metal stocks also witnessed heightened activity in the previous session. (Read the full story here.)

 

15 Feb 2024, 08:18 AM IST
Sensex Today Live : What to expect from Indian stock market in trade on February 15

The Indian stock market indexes, Sensex and Nifty 50, are expected to extend gains on Thursday tracking positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,989 level as compared to the Nifty futures’ previous close of 21,925.

On Wednesday, the domestic equity benchmark indices ended on a positive note in a highly volatile market with the Nifty 50 closing above 21,800 level. (Read the full story here.)

15 Feb 2024, 08:14 AM IST
Sensex Today Live : 7 key things that changed for market overnight – Gift Nifty, Japan’s GDP to Nvidia share rally

The domestic equity market indices, Sensex and Nifty 50, are expected to extend gains on Thursday following the positive trend in the global markets.

Asian markets traded higher while the US stocks rallied overnight after strong quarterly earnings reports and easing Treasury yields.

Investors also assessed gross domestic product (GDP) data from Japan and Singapore that missed expectations. (Read the full story here.)

15 Feb 2024, 08:06 AM IST
Sensex Today Live : Asian shares advance at open; Gift Nifty indicates gap-up start for Indian indices

Gift Nifty was down 10.5 points, or 0.05%, at 21,982.50.

On Wednesday, Indian benchmark indices had pared their losses to close higher at the end of the trading session.

At close, Sensex was up 267.64 points, or 0.37%, at 71,822.83 and Nifty was up 96.80 points, or 0.45%, at 21,840.05.

Across sectors, PSBs, and Oil & Gas rallied more than 3%, while IT, Healthcare and Pharma closed in the red.

Meanwhile, the broader market ended in the green, having pared its losses through the day.

The Dow Jones Industrial Average rose 151.52 points, or 0.40%, to 38,424.27, the S&P 500 gained 47.45 points, or 0.96%, to 5,000.62 and the Nasdaq Composite gained 203.55 points, or 1.30%, to 15,859.15.

The yield on the 10-year Treasury note fell 5 basis points to 4.267% after touching 4.332% earlier in the session, its highest since Dec. 1.

In cryptocurrencies, bitcoin gained 4.16% at $51,626.95.

Oil futures declined as higher U.S. crude inventories weighed on prices. U.S. crude lost $1.23 to settle at $76.64 a barrel and Brent fell $1.17 to settle at $81.60.

Spot gold was steady at $1,991.92 per ounce.



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