Sensex Jumps Over 550 pts At Open, Nifty Above 16,500; Key Points


Sensex Today: Key benchmark indices opened in optimistic territory amid exuberant international cues and regular crude oil costs. The BSE Sensex soared over 550 factors to 55,350, and the NSE Nifty50 topped 16,500, gaining 170 factors.

Reliance, IndusInd Bank, Tech M, Tata Steel, Infosys and Titan led positive aspects on the Sensex, rising as much as 2.7 per cent. While HUL was the only index loser, down 0.6 per cent.

The broader markets additionally opened in inexperienced. The BSE MidCap and SmallCap indices have been as much as 0.9 per cent larger.

VK Vijayakumar, chief funding strategist at Geojit Financial Services, stated: “The sharp 8 per cent pullback in Nifty from the June lows of 15,183 is all set to continue aided by a flood of good news. First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. FPIs have bought 5 days this month. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through a reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL. However, investors have to exercise some caution because selling may remerge at higher levels. Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction, IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly.”

Global Cues

Asian shares prolonged a worldwide rally on Wednesday as sturdy US company earnings and the anticipated resumption of Russian fuel provide to Europe helped carry sentiment and ease fears of a recession, whereas the greenback was mired close to two-week lows.

Tokyo shares opened larger on Wednesday as traders took coronary heart from US rallies and different optimistic elements whereas awaiting a Bank of Japan coverage determination later this week. The benchmark Nikkei 225 index was up 1.27 per cent, or 341.12 factors, at 27,302.80 in early commerce, whereas the broader Topix index superior 1.29 per cent, or 24.55 factors to 1,927.34.

US shares closed with sharp positive aspects on Tuesday as extra corporations joined large banks in reporting earnings that beat forecasts, providing respite to traders apprehensive about larger inflation and a tightening Fed denting the company bottomline.

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