Sensex sprints 1,040 pts, Nifty tops 16,950 ahead of US Fed outcome
CLOSING BELL: Ultratech Cement (up 4.6 per cent) was the top Nifty gainer today. This was followed by Axis Bank, Shree Cement, IndusInd Bank, Bajaj Auto, and Hindalco
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CLOSING BELL
Indian stock markets turned sharply higher in the last hour of trade on Thursday, rising after a day's hiatus, after Russia's Foreign Minister reportedly said there was "some hope for a compromise" in talks with Ukraine. Besides, reports also added that Russia was "seriously" considering neutral status for Ukraine. That apart, UK Prime Minister Boris Johnson said Ukraine was unlikely to join NATO "anytime soon".
This, coupled with expectations of a 25-basis point rate hike by the US Federal Reserve (US Fed) later tonight to tame decadal high inflation, and a breather in crude oil rally drove investors towards riskier assets.
ALSO READ: Key reasons why stock markets rallied today
ALSO READ: Key reasons why stock markets rallied today
The S&P BSE Sensex surged 1,040 points, or 1.85 per cent, to settle at 56,817 levels on Wednesday. The Nifty50, on the other hand, shut shop near the 17,000-mark at 16,975, up 312 points or 1.87 per cent.
Ultratech Cement (up 4.6 per cent) was the top Nifty gainer today. This was followed by Axis Bank, Shree Cement, IndusInd Bank, Bajaj Auto, Hindalco, Infosys, Britannia Industries, IOC, Grasim Ind, and Tata Motors that rose between 2.5 and 3.5 per cent.
On the downside, only Cipla, Sun Pharma, and Tata Consumer Products ended in the red, slipping up to 1.4 per cent.
Broader markets, too, advanced in-tandem with their large-cap peers. The BSE MidCap index gained 1.8 per cent while the BSE SmallCap index edged 1.4 per cent higher.
Sectorally, all the key indices ended in the positive territory led by the Nifty Realty index (up 3.6 per cent), the Nifty Metal index (up 2.6 per cent), and the Nifty Private Bank index (up 2.3 per cent).
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Overall, 2,307 stocks ended in the green on the BSE while 1,121 stocks ended in the red. The BSE m-cap stood at 256.16 trillion at the end of the day with record 10 million investors.
Volatility index, India VIX, meanwhile, slumped nearly 10 per cent to 24 levels.
Global markets
Hong Kong's Hang Seng rallied 9 per cent while China's CSI300 index soared over 4 per cent. Japan's Nikkei, South Korea's Kospi, and Australia's ASX200 added up to 1.6 per cent.
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Overall, 2,307 stocks ended in the green on the BSE while 1,121 stocks ended in the red. The BSE m-cap stood at 256.16 trillion at the end of the day with record 10 million investors.
Volatility index, India VIX, meanwhile, slumped nearly 10 per cent to 24 levels.
Global markets
European stocks were trading higher on Wednesday as global markets await the latest monetary policy figures and economic forecasts from the US Federal Reserve.
The pan-European Stoxx 600 index was trading 2.2 per cent higher Wednesday morning, with all sectors in positive territory.
On Wall Street, Dow Jones Futures jumped nearly 300 points or 0.87 per cent. Nasdaq Futures, on the other hand, surged 2 per cent and S&P500 Futures climbed 1 per cent.
Asian equities, too, rallied Wednesday after their recent rout, with Hong Kong leading the way after Chinese authorities pledged to provide support and stability to the country's troubled markets.
On Wall Street, Dow Jones Futures jumped nearly 300 points or 0.87 per cent. Nasdaq Futures, on the other hand, surged 2 per cent and S&P500 Futures climbed 1 per cent.
Asian equities, too, rallied Wednesday after their recent rout, with Hong Kong leading the way after Chinese authorities pledged to provide support and stability to the country's troubled markets.
Hong Kong's Hang Seng rallied 9 per cent while China's CSI300 index soared over 4 per cent. Japan's Nikkei, South Korea's Kospi, and Australia's ASX200 added up to 1.6 per cent.
4:16 PM
Technical View: Rupak De, Senior Technical Analyst at LKP Securities
Nifty formed a dark cloud cover on the daily chart as it found resistance around 200DMA on the daily chart. On the lower end, it found support at the upper band of the falling channel. Going forward, the index may remain in the green as long as 16640 is held decisively. On the higher end, resistance is visible at 16900-17000.
4:13 PM
Market view: Vinod Nair, Head of Research at Geojit Financial Services
Ease in FII selling & crude prices is adding strength to the domestic trend. Positive global cues & strong bounce back by the Chinese market in anticipation of stimulus supported the trend. The world equity market has stabilized factoring in a 25bps hike in US FED, an in-line policy outlook, will be a relief to the market and we may see a drop in volatility.
4:09 PM
IEA slashes oil demand outlook for 2022, fears Russian 'supply shock'
4:05 PM
European markets trade on a positive note
3:59 PM
Dow futures jumps over 250 points ahead of Fed's rate decision
3:52 PM
Closing bell: Over 1,500 stocks advanced while 546 declined
3:49 PM
Closing bell: Top 10 Nifty 50 gainers; Ultratech Cement, Axis Bank lead index
3:46 PM
Closing bell: Only 3 stocks sulk in Nifty 50
3:44 PM
Closing bell: Metal stocks gain ground; Vedanta jumps over 4%
3:41 PM
Closing bell: Nifty realty top sectoral performer; Prestige Estates gains over 5%
3:39 PM
Closing bell: All sectors shimmer in green
3:37 PM
Closing bell: Broader markets shine; India Vix cools off below 9%
3:35 PM
Closing bell: All Sensex stocks in green except Sun Pharma
3:33 PM
Closing bell: Sensex sizzles above 56,000, up by over 1000 points
3:32 PM
Closing bell: Bulls take control as Nifty 50 closes above 16,900 levels
Topics : Sensex MARKET LIVE MARKET WRAP Markets Nifty BSE NSE Dalal Street stock markets Oil Prices Crude Oil Russia Ukraine Conflict SGX Nifty
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First Published: Mar 16 2022 | 8:11 AM IST