Sensex Surges 1,200 pts, Nifty Above 16,650 Ahead of Assembly Election Results 2022

Benchmark indices are buying and selling greater within the opening session amid optimistic international markets after crude oil costs have fallen greater than 12 per cent. At 09:16 IST, the Sensex was up 1,128.22 factors or 2.06 per cent at 55775.55, and the Nifty was up 314.20 factors or 1.92 per cent at 16659.60. About 1860 shares have superior, 185 shares declined, and 38 shares are unchanged.

The entrance runners on the Sensex included Asian Paints, Axis Bank, SBI, HUL, Maruti, Ultractech Cement, as much as 5 per cent greater. Tata Motors was the highest gainer on Nifty.

In line with the up transfer in benchmark indices, the broader markets additionally prolonged income. The BSE MidCap and SmallCap indices rose as much as 2 per cent.

The key benchmark indices are shall be keenly monitoring the state election outcomes of Uttar Pradesh, Punjab, Goa, Mizoram and Uttarakhand. Investors might react positively to the outcomes if they arrive according to the exit polls that projected the ruling BJP to win in the important thing state of UP.

Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, stated: “The concern theme at Dalal Street is getting profound and palpable on backdrop of ‘stagflation’. The avenue will keenly watch on how RBI tackles with a backdrop of upper oil and commodity costs, and most significantly, growth-supporting fiscal insurance policies. Technically talking, Nifty’s largest helps are positioned at 15711 mark. Below Nifty 15711 zone, count on waterfall of promoting which may take Nifty all the way down to 14251 mark with inter-month perspective. From a chartist standpoint, the technical panorama will enhance significantly provided that Nifty closes above 16557 mark.”

Also Read: LIVE | Uttar Pradesh Election Results 2022: Term 2 for CM Yogi? Counting of Votes Begins with Leaders at Temples, Tight Vigil in Key Areas

The markets have posted sharp gains in the last two sessions as talks emerged of the de-escalation of the Russia-Ukraine war. Ukrainian leadership has said it does not want to align with NATO anymore, while Russia said that it is not looking to de-throw the government in Ukraine. The foreign ministers of the two countries are set to meet today.

Also Read: Punjab Election Results 2022 LIVE Updates: AAP Closing in on Majority as Congress and Akali Dal Fight for No 2

Global Cues

Oil prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his country favored a bigger increase. US West Texas Intermediate (WTI) crude futures jumped more than $3 shortly after opening and were trading up $1.53, or 1.4 per cent, at $110.23 at 2324 GMT. The contract had tumbled 12.5 per cent in the previous session in the biggest daily decline since November.

Tokyo stocks jumped three percent Thursday on hopes for a ceasefire between Russia and Ukraine ahead of their first high-level meeting since Moscow invaded its neighbour. The benchmark Nikkei 225 index spiked 3.00 percent or 741.59 points to 25,459.12, while the broader Topix index jumped 3.04 percent or 53.45 points to 1,812.34. The dollar fetched 115.93 yen, against 115.86 yen on Wednesday in New York.

Hong Kong stocks opened sharply higher Thursday with traders tracking a surge across US and European markets as bargain-buyers stepped in following a Ukraine-fuelled route. The Hang Seng Index climbed 2.32 percent, or 478.86 points, to 21,106.57. The Shanghai Composite Index added 1.71 percent, or 55.79 points, to 3,312.18, while the Shenzhen Composite Index on China’s second exchange added 2.33 percent, or 49.27 points, to 2,165.42.

Read all minute-by-minute information updates for Uttar Pradesh election outcomes 2022, Punjab election outcomes 2022, Uttarakhand election outcomes 2022, Manipur election outcomes 2022and Goa election outcomes 2022,

Click right here for seat-wise LIVE outcome updates.

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