Indices witness sharp recovery; Nifty above 17,200 level

The benchmark indices rallied near its intraday high during mid-afternoon trade, buoyed by bank and auto stocks. The Nifty re-claimed its 17,200 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 200.93 points or 0.35% at 57,563.13. The Nifty 50 index gained 59.55 points or 0.35% at 17,212.55.

The S&P BSE Mid-Cap index fell 0.42%. The S&P BSE Small-Cap index slipped 0.43%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,175 rose and 2,306 shares fell. A total of 148 shares were unchanged.

Number to Watch:

The yield on 10-year benchmark federal paper rose to 6.836% compared with 6.811% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.1825, compared with its close of 76.24 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.78% to Rs 51,472.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.44% to 99.22.

In the commodities market, Brent crude for May 2022 settlement fell $4.45 or 3.69% $116.20 a barrel.

Buzzing Index:

The Nifty Auto index rose 0.63% to 10,419.80. The index had fallen 2.06% in the past three trading sessions.

Tube Investment of India (up 4.12%), Eicher Motors (up 1.54%), Bajaj Auto (up 1.19%), Bharat Forge (up 1.09%) and Maruti Suzuki India (up 0.87%) were the top gainers in the Auto segment.

Stocks in Spotlight:

Aster DM Healthcare soared 10.42%. The company announced the signing of a memorandum of understanding (MoU) with the Government of Tamil Nadu, India to set up healthcare facilities in the state. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the State. This will help provide quality healthcare at affordable cost to the people of Tamil Nadu and generate employment for more than 3,500 people.

IndiaMART InterMESH lost 1.15%. The firm has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company. As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount. Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.

Global Markets:

European stocks moved higher on Monday as investors continued to monitor the developments in the war between Ukraine and Russia.

Ukrainian President Volodymyr Zelenskyy has reiterated that his country is prepared to discuss adopting a neutral status as part of a peace deal with Russia.

Meanwhile, Asian stocks traded in a mixed fashion as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

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