Sensex Jumps 800 pts, Nifty Near 16,900 Amid Positive Global Cues; Financials Lead Rally

Stock Market Today: Tracking robust world cues, the important thing benchmark indices opened within the inexperienced on Wednesday. The robust begin for the indices come amid upbeat world sentiment in a single day the place US shares rose signifcantly up. At 09:16 IST, the Sensex was up 816.35 factors or 1.46 per cent at 56593.20, and the Nifty was up 237.40 factors or 1.42 per cent at 16900.40. About 1690 shares have superior, 241 shares declined, and 52 shares are unchanged.

On the SensexHDFC, IndusInd Bank, Axis Bank, Maruti, ICICI Bank, Bajaj twins and Wipro had been the highest gainers main the upmove. The broader markets had been additionally in inexperienced, with the BSE MidCap and SmallCap indices buying and selling as much as 1.4 per cent increased.

On the flip facet, Cipla, ONGC, and Sun Pharma had been the only losers on the bourses. The broader markets had been additionally in inexperienced, with the BSE MidCap and SmallCap indices buying and selling as much as 1.4 per cent increased.

The general market breadth was additionally optimistic with 2,182 advancing shares on the BSE as in opposition to 404 declining ones. India VIX index additionally cooled off by 6 per cent to 25 ranges.

Sectorally, Nifty Bank, Auto, Realty, IT, and Consumer Durables had been the winners, buying and selling 1-2 per cent increased. Others together with Pharma, FMCG and Metals additionally held respectable positive aspects.

Easing oil and commodity costs are supporting world market restoration with the give attention to US Fed’s coverage consequence later in the present day. Investors are additionally monitoring updates on the continuing Russia-Ukraine negotiations that haven’t made any breakthrough progress to date.

Anand James – chief market strategist at Geojit Financial Services, mentioned: “Yesterday’s hammering eased off on the method to our draw back marker of 16480, establishing yet one more showdown with the 16,960 area, which we had pipped to power a flip decrease yesterday as nicely . The swift pull again from yesterday’s lows is according to the brief time period view of 17,300-18,000, however the possibilities of an in depth above 16,960 in the present day seems to be low although. And even within the occasion of a break, a directional up transfer might have to attend. Expect 16,700s to be a sticky area.”

Global cues

On Tuesday, the US markets logged smart gains supported by buying in tech stocks. The S&P 500 rose 2.1 per cent, the Dow Jones gained 1.8 per cent and the Nasdaq Composite advanced 2.9 per cent.

Oil prices slipped below the $100 mark with the Brent Crude settling 6.5 per cent down at $99.91 per barrel, while WTI crude dropped 6.4 per cent to close at $96.44 as Russia suggested it would allow a revival of the Iran nuclear deal to go forward.

In Asia, most markets were higher this morning with Nikkei and Hang Seng indices rising 1.3 per cent and 2.2 per cent, respectively. In China, Shanghai Composite and Shenzhen Component also held marginal gains. South Korea’s Kospi was up 0.5 per cent.

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