Sensex Jumps Over 750 Points, Nifty Trades Above 16,850; Tata Motors, HDFC Among Top Gainers
The Indian equity benchmarks traded higher in opening deals, taking cues from the global markets. Trends on Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures also indicated a positive opening for the domestic indices.
Asian stocks were positive as Japan’s Nikkei jumped 1.73 per cent, South Korea’s KOSPI rose 0.60 per cent and Shanghai Composite index edged 0.03 per cent higher. Overnight, Wall Street stock indexes rallied.
Investors are expecting the U.S. Federal Reserve to raise interest rates for the first time in three years by at least 25 basis points amid surging oil prices.
Oil prices climbed as Russia’s invasion of Ukraine continues to dominate volatile trading with ceasefire talks the latest market trigger. Brent futures were up 83 cents, or 0.8 per cent, at $100.74 a barrel. U.S. West Texas Intermediate (WTI) crude rose 58 cents, or 0.6 per cent, at $97.02 a barrel.
Back home, the 30-share BSE Sensex jumped 755 points or 1.35 per cent to 56,532, while the broader NSE Nifty moved 214 points or 1.28 per cent higher to 16,877.
Mid- and small-cap shares were trading on a strong note as Nifty Midcap 100 index jumped 1.48 per cent and small-cap shares gained 1.56 per cent.
All the 15 sector gauges — compiled by the National Stock Exchange — were trading in the green. Nifty Financial Services and Nifty Private Bank were outperforming the index by rising as much as 2.04 per cent and 2.02 per cent, respectively.
On the stock-specific front, Tata Motors was the top Nifty gainer as the stock surged 3.23 per cent to ₹ 427. HDFC, Axis Bank, Maruti and IndusInd Bank were also among the gainers.
The overall market breadth stood positive as 2,137 shares were advancing while 375 were declining on BSE.
On the 30-share BSE index, HDFC, Axis Bank, IndusInd Bank, Bajaj Finserv, Bajaj Finance, HDFC Bank and ICICI Bank were among the top gainers.
Sensex had tanked 709 points or 1.26 per cent to settle at 55,777 on Tuesday, while the broader NSE Nifty had moved 208 points or 1.23 per cent lower to close at 16,663.