Sensex jumps over 400 points in early trade; Nifty above 17,400 level

In the previous transaction, the BSE Sensex closed with 696.81 points or 1.22% at 57,989.30. The Nifty climbed 197.90 points or 1.16% to finish at 17,315.50

In the previous transaction, the BSE Sensex closed with 696.81 points or 1.22% at 57,989.30. The Nifty climbed 197.90 points or 1.16% to finish at 17,315.50

Market benchmark Sensex rose more than 400 points in early trading on March 23, tracking gains in index heavyweights Reliance Industries, Bajaj Finance and ICICI Bank amid a largely positive trend in global equities.

The previous day’s rally extended and the 30-stock BSE benchmark traded 427.26 points higher at 58,416.56. Likewise, the wider NSE Nifty jumped 126.9 points to 17,442.40.

Of the package of 30 shares, Dr. Reddy’s Laboratories, Sun Pharma, Bajaj Finance, IndusInd Bank, Reliance Industries Limited, SBI, Axis Bank, ICICI Bank and Kotak Mahindra Bank the biggest early trading winners.

In contrast, Bharti Airtel, Asian Paints, Maruti Suzuki India and Infosys were among those left behind.

In the previous transaction, the BSE Sensex closed with 696.81 points or 1.22% at 57,989.30. The Nifty climbed 197.90 points or 1.16% to finish at 17,315.50.

Stocks in Seoul, Hong Kong and Tokyo were trading higher during mid-session deals, while Shanghai was slightly lower.

US stocks closed mostly higher during the overnight session.

Meanwhile, the international oil benchmark Brent oil rose 1.57% to $117.3 a barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth ₹384.48 crore on Tuesday, according to stock market data.

“There are now two major trends in the market. One, 17,000 Nifty has now become a strong technical support for the market. Yesterday’s sharp jump from the 17,000 levels indicates that this is now a strong support level.

“Two, there is a lot of delivery based in high quality stocks like TCS, Infosys, ITC and select financials. This indicates the return on risk in the market,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

There is logic to the argument that markets have not discounted the negative impact of the war, rising inflation and aggressive central banks, he added.

But bull markets are known to climb many walls of worry, Mr Vijayakumar said.

www.thehindu.com

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