Home » News » Markets » Sensex Rises 697 pts, Nifty Settles Above 17,300; RIL Surges 3.5%
2-MIN READ

Sensex Rises 697 pts, Nifty Settles Above 17,300; RIL Surges 3.5%

Benchmark indices are trading mixed in the opening session

Benchmark indices are trading mixed in the opening session

Markets Today: Benchmark indices started on a flat note on Tuesday as global sentiment remains subdued amid a sharp rally in oil prices again.

Benchmark indices ended higher on Tuesday amid a volatile session led by auto, bank, IT, oil & gas stocks. At close, the Sensex was up 696.81 points or 1.22 per cent at 57,989.30, and the Nifty was up 197.90 points or 1.16 per cent at 17,315.50. About 1573 shares have advanced, 1745 shares declined, and 99 shares are unchanged.

Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top Nifty gainers, while losers were HUL, Nestle India, Britannia Industries, Cipla and Divis Lab.

Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 per cent each, while Realty index was down 1 per cent. The BSE midcap and smallcap indices ended on flat note.

Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities, said: “It was a volatile day for the equity market and nervousness was seen in the morning session while investors’ sentiments turned positive in the second half with more buying seen in IT stocks. US 10 year bond yields have crossed 2.3 per cent after the more hawkish commentary from the US FED to control the inflation.”

“We believe that volatility will likely continue before we conclude the equilibrium. Investors should focus on the quality names where the earnings expectations are intact, and raw material inflation pressure is limited. Adding to that, we are seeing inflation as a big theme. Value focussed sectors are more inflation proxies and tend to do well in rising inflationary scenarios, and we are likely to see a good amount of allocation happening in the next one to two years in value focussed sectors,” said Chadawar.

Global Cues

Hong Kong stocks opened higher Tuesday following a tepid lead from Wall Street as Federal Reserve boss Jerome Powell sounded a hawkish note on monetary policy while traders continue to keep an eye on the Ukraine war. The Hang Seng Index added 0.46 per cent, or 97.85 points, to 21,319.19. The Shanghai Composite Index eased 0.13 per cent, or 4.14 points, to 3,249.54, while the Shenzhen Composite Index on China’s second exchange dipped 0.22 per cent, or 4.65 points, to 2,155.89.
Tokyo shares opened higher on Tuesday after a three-day weekend, despite falls of US shares on oil prices and the Fed’s hawkish comments on inflation. The benchmark Nikkei 225 index climbed 0.98 per cent or 263.89 points to 27,091.32 at the open, while the broader Topix index added 0.72 per cent or 13.66 points to 1,922.93.
US stocks capped a day of choppy trading on Wall Street with a modestly lower finish Monday, giving back some of their recent gains after the major indexes notched their best week in more than a year. The S&P 500 slipped less than 0.1% after giving up an early gain and bouncing around for much of the day. The Dow Jones Industrial Average fell 0.6 per cent, while the Nasdaq composite slid 0.4 per cent. In remarks at the National Association of Business Economists, Fed Chair Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary, to slow inflation.
Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market. Front-month West Texas Intermediate futures were up $2.21, or 1.97 per cent, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26 per cent, to $118.23 a barrel on the Intercontinental Exchange.
Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest News , Breaking News and Ukraine-Russia War Live Updates here.

first published:March 22, 2022, 09:18 IST