Sensex jumps over 400 points in early trade; Skilled over 17,400 levels

In previous trade, the BSE Sensex closed up 696.81 points, or 1.22%, at 57,989.30. The Nifty rose 197.90 points, or 1.16%, to end at 17,315.50

In previous trade, the BSE Sensex closed up 696.81 points, or 1.22%, at 57,989.30. The Nifty rose 197.90 points, or 1.16%, to end at 17,315.50

Market benchmark Sensex surged over 400 points in early trade on March 23, tracking gains in index heavyweights Reliance Industries, Bajaj Finance and ICICI Bank amid a broadly positive trend in global equities.

The 30-period BSE benchmark continued the rally from the previous day, trading 427.26 points higher at 58,416.56. Similarly, the broader NSE Nifty rose 126.9 points to 17,442.40.

From the package of 30 shares, Dr. Reddy’s Laboratories, Sun Pharma, Bajaj Finance, IndusInd Bank, Reliance Industries Limited, SBI, Axis Bank, ICICI Bank and Kotak Mahindra Bank were the leading gainers in early trading.

Conversely, Bharti Airtel, Asian Paints, Maruti Suzuki India and Infosys were among the laggards.

In previous trade, the BSE Sensex closed up 696.81 points, or 1.22%, at 57,989.30. The Nifty rose 197.90 points, or 1.16%, to end at 17,315.50.

Stock exchanges in Seoul, Hong Kong and Tokyo traded higher on mid-session deals, while Shanghai traded marginally lower.

Stock markets in the US ended the overnight session broadly higher.

Meanwhile, international oil benchmark Brent crude rose 1.57% to $117.3 a barrel.

Foreign institutional investors (FIIs) were net buyers as they bought £384.48 billion worth of shares, according to stock market data on Tuesday.

“There are currently two major trends in the market. One, 17,000 Nifty has now become a strong technical support for the market. Yesterday’s strong bounce from 17k suggests this is now a strong support level.

“Second, there is strong delivery-based buying in quality stocks like TCS, Infosys, ITC and select financials. This indicates the return of risk in the market,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The argument that markets have not priced in the negative effects of the war, rising inflation and tightening central banks is logical, he added.

But bull markets are known to climb many worry walls, Mr Vijayakumar said.

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