sensex: Global cues, state poll outcome lift indices; investor wealth jumps Rs 10 lk cr in 3 days
The 30-share pack Sensex advanced, in line with peers across Asia, rising 817.06 points or 1.50% to a one-week high of 55,464.39, as gains for BJP in Uttar Pradesh added to the positive mood.
Despite correcting over 150 points from day’s high, its broader peer NSE Nifty gained 249.55 points or 1.53% to 16,594.90. Reliance Industries, HDFC Bank, HUL were top index movers.
Investors’ wealth, reflected in the total m-cap of BSE-listed firms, has jumped by over Rs 10 lakh crore in the last three trading sessions, in tandem with a sharp recovery in equities.
“Hopes of progress in high-level talks between Russia and Ukraine and a surge in the Asian market, the Indian market started with a strong gap-up. The outperformance was supported by positive state election results being in line with expectations. However, a weak western market ahead of ECB and US CPI data and rise in crude prices added volatility in between,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a Glance
- Coforge plunged 6.55% after Rs 2,689-crore shares changed hands
- Paytm jumped over 3% after reports that Paytm Payments Bank may apply for an SFB licence. The stock has rebounded 9% in 2 sessions
- ONGC, OIL end in the red as crude falls sharply
- HUL top gainer in the FMCG space today, jumped over 5%
- Tarsons Products surged 6.3% as Ambit initiated coverage with Buy call
- India VIX, barometer of future volatility, eased 6.86% to 25.58
Gainers and Losers
Hindustan Unilever, Tata Steel, SBI, Grasim were the top gainers, rising 3-5 per cent each. IndusInd Bank, Axis Bank, Bajaj Finserv, Nestlé, Maruti, L&T, HDFC were other top gainers, rising 2-3 per cent.
Coal India was the top loser in the Nifty pack, falling 3.75%. Tech Mahindra, Dr Reddy’s, TCS UPL, ONGC were other names that ended with cuts in a strong session.
Even though broader markets gave up more than half of their intraday gains, Nifty Midcap and Smallcap ended the session with a gain of 1% each Nifty 500, the broadest index on NSE, also ended with a 2 per cent gain.
Anupam Rasayan India, Jubilant Ingrevia, Indiabulls Housing Finance, Dalmia Bharat, Dr Lal PathLabs and Ashok Leyland were top gainers from mid and smallcap indices, rising in the range of 7-14 per cent.
Sectoral Movement
Barring Nifty IT, all the sectoral indices ended on a positive note with Nifty auto, metal, FMCG, power, capital goods, PSU bank and realty adding 2-3%. As DLF rose 4%, the Nifty realty index gained over 2% to extend its 3-day rally to over 8%.
Further, Nifty Metal gained 2% as stocks surged in the last hour tracking higher commodity prices. Nifty Bank rallied nearly 5% in the last three sessions and bounced back despite falling and then recovering sharply in intra-day trade.
Index Statistics
Market breadth was firmly in favour of gainers, the advance-decline ratio was at 3:1, according to BSE.
About 2,433 shares advanced, 922 shares declined and 98 shares remained unchanged. 94 stocks tested their 52-week highs during the session, whereas 19 others tested their 52-week lows. 12 stocks hit their upper circuit limit, while 5 stocks were locked in the lower circuit.
Global Market Updates
European stocks fell 1.7%, with indexes in Germany and FTSE 100 in London losing 1.9% and 0.9%. The pan-European Stoxx 600 fell over 1% after tracking Russian-Ukraine fluctuations.
In Asia, the Nikkei 225 rose 3.9% and the Shanghai Composite Index gained 1.2%. Hang Seng advanced 1.3%.
US futures fell as peace talks between Ukraine and Russia showed little progress. Dow futures dipped 0.82%. S&P 500 futures fell 0.77% and Nasdaq 100 futures were 1.11% lower. Meanwhile, Brent crude rebounded 5% to $116.80 per barrel after slumping the most in nearly two years to $105.60 just after hitting a peak of $139.
