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Sensex, Nifty Gain For Third Day In A Row Led By Financials

The Sensex rose as much as 784 points at the day's highest level and Nifty 50 index touched an intraday high of 17,522.

Sensex, Nifty Gain For Third Day In A Row Led By Financials
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The Indian equity benchmarks gained for third session in a row on Wednesday paced by gains in financial and banking shares a day ahead of monthly expiry of futures and option contracts. The benchmarks staged a gap up opening and extended gains during the session taking cues from strong global markets as hopes of a negotiated end to the Ukraine conflict spurred buying interest for equities. The Sensex rose as much as 784 points at the day's highest level and Nifty 50 index touched an intraday high of 17,522.

The Sensex advanced 740 points or 1.28 per cent to close at 58,684 and Nifty 50 index rose 1 per cent or 111 points to close at 17,498.

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European markets opened lower while Asian stocks advanced Wednesday as investors saw signs of possible progress in talks on ending Russia’s war on Ukraine.

London and Frankfurt declined. Shanghai and Hong Kong gained while Tokyo retreated. Oil rose more than $2 per barrel.

Wall Street futures were lower after U.S. stocks gained Wednesday following Russia’s announcement it would scale back military operations near Ukraine’s capital, Kyiv, and a northern city.

Back home, buying was visible across board as eleven of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Financial Services index's 2 per cent gain. Nifty Media, Auto, Bank, PSU Bank, Private Bank and Realty indices also surged between 1-2 per cent.

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On the other hand, metal, oil & gas, pharma and healthcare indices ended lower.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 00.85 per cent and Nifty Smallcap 100 index surged 1 per cent.

Among the individual shares, Axis Bank jumped 3.8 per cent to hit an intraday high of Rs 766 pon the BSE on report that the bank is set to acquire Citibank's Indian retail business.

Tata Consumer Products was among the top Nifty gainer, the stock closed 3 per cent higher at Rs 765 after the company announced the merger of all businesses of Tata Coffee Ltd with itself as part of a reorganization plan in line with its strategic priority of unlocking synergies and efficiencies.

HDFC Life, Bajaj Finserv, Bajaj Finance, Power Grid, Hero MotoCorp, Mahindra & Mahindra, Grasim Industries, Axis Bank, HDFC, Maruti Suzuki and ICICI Bank also rose between 2-3.5 per cent.

On the flipside, ONGC, Hindalco, JSW Steel, ITC, Tata Steel, Coal India, Tech Mahndra, Cipla, Divi's Labs, Bharti Airtel and UPL were among the losers.

The overall market breadth was positive as 2,116 shares ended higher while 1,284 closed lower on the BSE.
 

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