Mumbai, March 5, 2026, 22:37 IST — The market is now closed.
- Nifty 50 finished 1.17% higher at 24,765.90, while the Sensex added 1.14%, ending at 80,015.90.
- Reliance gained 3.3%, with brokerages calling the recent selloff excessive. Metal stocks also pushed higher, reacting to fresh supply concerns.
- Oil, the rupee, and U.S. jobs numbers are on traders’ radar Friday.
Indian equities snapped a three-day slide on Thursday, with Reliance Industries and metal counters fueling gains. The Nifty 50 climbed 1.17% to 24,765.90, while the BSE Sensex advanced 1.14% to 80,015.90. “Today’s market uptick is a temporary bounce,” Anita Gandhi, who heads institutional business at Arihant Capital Markets, noted. Reuters
That’s notable, given the market had just weathered a tough run, with geopolitics and oil prices doing most of the damage, not earnings. Over the last three sessions, both indexes dropped roughly 4%. India’s volatility index jumped, hitting levels not seen since May 2025. “Markets always take the easy way out, which is to exit when in doubt,” said Arun Kejriwal, founder of Kejriwal Research and Investment Services. Reuters
Currency action echoed the theme. The rupee firmed to 91.60 per dollar, gaining 0.6% after the Reserve Bank of India stepped in, selling dollars via state-run banks. Sameer Karyatt of DBS Bank India said the RBI would probably act again if “excessive volatility” crops up, especially with geopolitical risks still looming. Reuters
India, heavily reliant on imported crude, continues to feel the pinch from oil prices. Brent jumped $2.98, up 3.66%, settling at $84.38 a barrel. JPMorgan analysts flagged a key risk, saying flows from Iraq and Kuwait may halt within days if the Strait of Hormuz stays shut.
Metals aren’t immune, traders are noticing. Citi bumped its 0–3 month LME aluminium target to $3,600 a metric ton, after Aluminium Bahrain declared force majeure—it can’t move shipments through the Strait of Hormuz. Force majeure lets companies off the hook when deliveries can’t happen.
Reliance tacked on 3.3% as JM Financial and CLSA suggested the stock’s recent slide was excessive, which put energy shares near the top of the leaderboard. Hindalco Industries advanced 3.6%, National Aluminium surged 6%, and that momentum hoisted the Nifty Metal index by 2.3%.
There’s a risk Thursday’s bounce won’t last if the shipping halt stretches out and energy prices climb again. At least 200 ships—oil and LNG tankers among them—are still anchored near Gulf exporters, according to Reuters estimates using MarineTraffic data. Since the conflict started, at least eight vessels have been struck.
Gandhi at Arihant highlighted lower prices following the selloff, though she warned the rally looks shaky—headlines are shifting quickly. Traders remain focused on heavyweight stocks, using their swings as a read on the index.
Desks are on alert for overnight oil swings and indications that the Strait of Hormuz might reopen. Any fresh crude spike, or another rupee drop, could shove inflation concerns right back into focus for traders.
Looking past India, traders have their sights set on Friday’s U.S. February jobs report (March 6). That release tends to reset Federal Reserve rate bets. According to a Reuters poll, economists are penciling in a 59,000 gain for non-farm payrolls, with the unemployment rate seen steady at 4.3%.
