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Sensex Rallies 1,223 pts, Nifty Settles Above 16,300; RIL Surges 5%

By: Aparna Deb

Last Updated: March 09, 2022, 16:00 IST

If you are a recent entrant in the stock market, and wondering what to do next, here are a few things to keep in mind

If you are a recent entrant in the stock market, and wondering what to do next, here are a few things to keep in mind

Benchmark indices ended higher for the second consecutive day on Wednesday with Nifty closing above 16,300 mark

Key benchmark indices climbed for a second straight day on Wednesday as investors continued to assess the impact of the Russia-Ukraine crisis. However, Ukrainian President Volodymyr Zelenskyy’s reported statement that his country has cooled down on the question of a NATO membership calmed investor nerves. At close, the Sensex was up 1,223.24 points or 2.29% at 54,647.33, and the Nifty was up 331.90 points or 2.07% at 16,345.40. About 2585 shares have advanced, 681 shares declined, and 90 shares are unchanged.

Asian Paints, Reliance Industries, Bajaj Finance, M&M and IndusInd Bank were among the top Nifty gainers. On the other hand, Shree Cements, Power Grid Corporation, ONGC, NTPC and Coal India were the biggest losers.

Sectorally, the Nifty Metal index was the sole loser was a second straight day, down 0.4 per cent. The gainers, meanwhile, were the Nifty Realty and Auto indices, up 3 per cent each; the Nifty Bank, Financial Services, Private Bank and PSB indices, up 2 per cent each; and the Nifty IT and Pharma indices, up 1 per cent.

Mohit Nigam, Head - PMS, Hem Securities, said: " Even though oil prices surged due to a US import embargo on Russian oil, Indian benchmark indices were off to a strong start today. Buying was seen across the BSE sectoral front, with stocks from the Energy, TECK, and IT counters attracting the most attention. The general market breadth is in favor of increase today. European markets rebounded as buyers bought stocks that had been battered in the recent market selloff. After Ukrainian President Zelenskyy announced the country was no longer interested in NATO membership, investors bought beaten-down shares in the hopes of de-escalating the Russia-Ukraine war."

“Net domestic positive flows are currently sustaining the enormous withdrawals observed by FIIs on a daily basis. The robust SIP flow of 11k crore monthly, which continues to expand, accounts for a substantial portion of the positive flows."Market benchmarks ratcheted higher in a see-saw session on Tuesday after four days of steep declines as investors accumulated recently-battered IT, pharma and finance stocks even as the Ukraine crisis remained an overhang. World equities were mixed as participants tracked Russia’s intensifying attack on Ukraine and the cascade of sanctions against Moscow," Nigam added.

Global Cues
US stocks lost more ground on Tuesday after President Joe Biden imposed a ban on imports of Russian petroleum, and more major firms announced they were shutting operations in Russia. The Dow Jones Industrial Average fell 0.6 percent to finish the session at 32,632.64, the lowest in nearly a year. The broad-based S&P 500 dropped 0.7 percent to end at 4,170.7, while the tech-rich Nasdaq Composite lost 0.3 percent to 12,795.55.
Tokyo stocks opened higher on Wednesday after three days of losses, amid continued uncertainty over Russia’s invasion of Ukraine and ahead of key events and data due this week. The benchmark Nikkei 225 index was up 0.41 percent or 101.80 points at 24,892.75 in early trade, while the broader Topix index was up 0.38 percent or 6.65 points at 1,766.51.
The Hang Seng Index added 0.26 percent, or 54.15 points, to 20,820.02. The Shanghai Composite Index gained 0.31 percent, or 10.18 points, to 3,303.71, while the Shenzhen Composite Index on China’s second exchange edged up 0.19 percent, or 4.12 points, to 2,143.79.
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first published:March 09, 2022, 09:21 IST
last updated:March 09, 2022, 16:00 IST
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