Friday, December 27, 2024 | 08:53 AM ISTEN Hindi

Sensex soars 740 pts; Nifty nears 17,500; banks, auto shine, metals sink

CLOSING BELL: Reliance Industries, HDFC twins, ICICI Bank, and Bajaj Finance lifted the benchmark S&P BSE Sensex 740 points higher to end at 58,684

SI Reporter New Delhi

a closer look at the stock market data suggests that this rally isn't a one off

CLOSING BELL

Cyclical sectors such as financials and autos powered an over 1 per cent march on the benchmark indices on Wednesday as investors cheered de-escalation talks between Russia and Ukraine. Investor sentiment was boosted following negotiations between Russian and Ukrainian officials in Turkey, at which Russia's deputy defense minister claimed Moscow had decided to "drastically" cut back its military activity near Ukraine's capital.

ALSO READ: Sensex rallies 1,300 pts in three days: Here's what is driving the markets

Againt this backdrop, Reliance Industries, HDFC twins, ICICI Bank, Bajaj Finance, and Kotak Bank lifted the benchmark S&P BSE Sensex 740 points higher to end at 58,684. The NSE Nifty50, meanwhile, leaped 173 points to settle at 17,498. The 50-pack index was additionally supported by Bajaj Finserv, Hero MotoCorp, Grasim, Tata Consumer, M&M, and Axis Bank.

However, losses in ITC, Tata Steel, ONGC, Hindalco, JSW Steel, Tech M, Coal India, and IOC kept gains in check.

In the broader markets, the BSE MidCap index added 0.7 per cent while the BSE SmallCap index gained 1 per cent.

Sectorally, the Nifty Metal index took the hardest knock, sliding over 2 per cent on the NSE. On the upside,the Nifty Financial Services index climbed 2 per cent, and the Nifty Bank and Auto indices added over 1 per cent each.

FY22 wrap
Even though the frontline indices – the S&P BSE Sensex and the Nifty 50 – are set to post a double digit return for the second consecutive financial year in 2021-22 (FY22) with a gain of 17 per cent and 19 per cent respectively, it is the small-caps where all the action was concentrated in the year gone by. READ MORE

Buzzing stocks
Shares of Tata Coffee (TCL) and Tata Consumer Products (TCPL) rallied up to 13 per cent on the BSE in Wednesday’s intra-day trade after TCPL on Tuesday announced a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. READ MORE

ALSO READ: Inverted US yield curve no more a worry for markets; here's why

Shares of Usha Martin hit an over 14-year high of Rs 136, on soaring 9 per cent on the BSE in Wednesday’s intra-day trade extending it’s a month long rally. The stock of the wire rope manufacture has zoomed 54 per cent in the past one month as compared to a 4 per cent rise on the S&P BSE Sensex. READ MORE

Shares of Raymond hit a 52-week high of Rs 855, on rallying 13.5 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. The stock of the textiles company surpassed its previous high of Rs 818.25 touched on January 27, 2022. READ MORE

Global markets
European stocks retreated on Wednesday following the latest round of talks between Russia and Ukraine, aimed at finding a solution to the conflict. The pan-European Stoxx 600 fell 0.8 per cent in early trade, with autos shedding 1.9 per cent to lead losses, while oil and gas stocks gained 1.7 per cent.

On Wall Street, Dow Jones and S&P 500 Futures were down 0.3 per cent each while Nasdaq Futures slipped 0.4 per cent.

In Asia, Nikkei dipped 0.8 per cent, Kospi gained 0.2 per cent, and Hang Seng advanced 1.4 per cent.

4:11 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

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 & commodity prices supported the market as it will help corporates to reduce their margin pressure.

4:00 PM