Sensex, Nifty rallied to close 1% higher on gains in RIL, Infosys and TCS

Benchmark stock indices Sensex and Nifty rebounded from early lows to close over 1% higher on March 22, helped by strong buying in index heavyweights Reliance Industries, Infosys and TCS amid gains in global equities.

The 30-stock BSE Sensex closed up 696.81 points, or 1.22%, at 57,989.30. In intraday trade, it hit a high of 58,052.87 and a low of 56,930.30. It rose 760.38 points, or 1.32%, over the day.

The broader NSE Nifty was up 197.90 points, or 1.16%, to 17,315.50.

From the 30 stock package, the biggest gainers were Tech Mahindra, Reliance Industries, Bajaj Finserv, ITC, TCS, Indusind Bank, Kotak Mahindra Bank, Infosys and Power Grid.

In contrast, Hindustan Unilever Limited, Nestle India, NTPC and Sun Pharma lagged behind.

“The domestic market started on a negative bias, led by rising crude oil prices and hawkish signals from the Fed for aggressive monetary tightening. However, the trend reversed as European markets opened up on positives buoyed by hopes that Ukraine might consider working toward a ceasefire,” said Vinod Nair, research director at Geojit Financial Services.

On Monday, the Sensex fell 571.44 points, or 0.99%, to settle at 57,292.49. The Nifty fell 169.45 points, or 0.98%, to end at 17,117.60.

The stock exchanges in Shanghai, Seoul, Hong Kong and Tokyo closed with significant gains. Stock exchanges in the US ended the night session on a negative note.

Meanwhile, international oil benchmark Brent fell 1.57% to $113.8 a barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold £2,962.12 billion worth of shares on Monday, according to stock market data.

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