Benchmark indices rallied for a third day in a row on Wednesday following gains in global equities amid hopes of a breakthrough in Russia-Ukraine peace talks. Sensex surged 740.34 points or 1.28 per cent to end at 58,683.99. Nifty climbed 172.95 points or 1 per cent to settle at 17,498.25.
Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Power Grid, HDFC, ICICI Bank, Nestle, Maruti, Reliance Industries Limited were among the top Sensex gainers, rising up to 3.82%. ITC, Tata Steel, Tech Mahindra, Bharti Airtel and Titan were among the top losers, falling up to 2.16%. Of 30 Sensex stocks, 21 ended in the green.
BSE mid cap and small cap indices rose 185 points and 302 points, respectively.
Osho Krishan, Analyst - Technical & Derivative Research, Angel One said, "The strong bullish sentiment across various sectors has contributed to the rally, primarily because of some relief from the geopolitical concerns between Russia and Ukraine. However, the situation is yet not entirely out of the woods, inferring to keep caution simultaneously. On the domestic front, some volatility is likely to be seen amid the monthly and last expiry of FY22. As far as levels are concerned, the Nifty is placed near the crucial zone of 17500, and looking at the recent stellar run this week, some breather at current levels should not be ruled out, though the support is nearby around the 17350-17300 zone. While on the higher end, 17650 could be seen as immediate resistance for the index. The undertone for the market remains in favor of the bulls, where any correction towards the mentioned support zone could be seen as an opportunity."
The market breadth was positive with 2,121 shares ending higher against 1281 stocks in the red. 105 shares were unchanged. Market cap of BSE-listed firms stood at Rs 263.91 lakh crore.
Banking, IT and capital goods shares were the top sectoral gainers with their BSE indices zooming 559 points, 415 points and 308 points, respectively.
Vinod Nair, Head of Research at Geojit Financial Services said, "High volatility prevailed in the global market, but peace talks between Russia and Ukraine gave hopes of de-escalation of the war, helping the domestic market to trade with confidence. The ease in crude oil and commodity prices supported the market as it will help corporates to reduce their margin pressure."
On Tuesday, equity market ended higher for the second straight session, led by gains in consumer durables and pharma shares. Sensex rose 350 points to end at 57,943 and Nifty gained 103 points to 17,325. HDFC, Bharti Airtel, UltraTech Cement, Sun Pharma and HDFC Bank were the top Sensex gainers, rising up to 3.06%. Of 30 Sensex stocks, 20 ended in the green.
Foreign institutional investors (FIIs) bought shares worth Rs 35.47 crore on March 29, and domestic institutional investors (DIIs) lapped up shares worth Rs 1713.31 crore, as per provisional data available on NSE.
Elsewhere in Asia, Seoul, Shanghai and Hong Kong settled with gains, while Tokyo ended lower. Stock exchanges in the US ended with gains on Tuesday.
Meanwhile, international oil benchmark Brent crude jumped 2.25 per cent to $112.7 per barrel.
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