Sensex, Nifty rally for 2nd day on weak crude, Russia-Ukraine talks


Benchmark stock indices Sensex and Nifty rallied for a second consecutive day on Tuesday after index majors HDFC Twins, Bharti Airtel and Infosys rose as global stocks rose ahead of peace talks between Ukraine and Russia.

The 30-stock BSE Sensex rose 350.16 points, or 0.61%, to settle at 57,943.65 with 20 of its constituents closing higher. Over the day, the index rose 408.04 points, or 0.70%, to 58,001.53.

The broader NSE Nifty gained 103.30 points, or 0.60%, to settle at 17,325.30 as its 32 components closed green.

“Reports of peace talks between Russia and Ukraine combined with flagging crude oil prices helped the trading firm in global markets,” said Vinod Nair, research director at Geojit Financial Services.

Among Sensex stocks, HDFC has been the biggest gainer in value buying after recent losses. The real estate financier shot up 3.06%.

Bharti Airtel rose 2.89% after reports said the telecom company may consider a rate hike and continue “premiumisation” to boost its ARPU to £300.

Among the major index moves, HDFC Bank was up 1.4%, Ultratech Cement was up 2.7%, Sun Pharma was up 1.62% and Dr. Reddy’s by 1.09%.

Kotak Bank rose 0.74%, Infosys rose 0.66%. ICICI Bank, HUL, Bajaj Finance, Asian Paints and Nestle also rose.

On the other hand, ITC fell the most, down 0.99%, while Tata Steel, State Bank of India, IndusInd Bank, Bajaj Finserv and NTPC also declined.

“For another session, the markets traded very volatile, ending with gains of more than half a percent. Supportive global cues led to a gap-up opening and thereafter the benchmark traded with positive bias but volatile swings throughout the session,” said Ajit Mishra , VP – Research, Religare Broking Ltd said.

“Markets ended on an upbeat note with broader indexes up 0.66%. This was done in the hope of a positive outcome in the peace talks between Russia and Ukraine,” said Rahul Sharma, co-founder of Equity 99.

In previous trade, the BSE barometer rose 231.29 points, or 0.40%, to settle at 57,593.49. The NSE Nifty recovered 69 points, or 0.40%, to 17,222.

In the broader market, the BSE Midcap Index was up 0.66% and the Small Cap Gauge was up 0.63%.

Of the BSE sector indices, Health Care rose the most, rising 1.36%, followed by Materials (1.19%) and Real Estate (1.03%).

Losers included BSE Energy down 0.5%, BSE Oil & Gas down 0.30% and BSE Auto down 0.19%.

Two-wheeler major Hero MotoCorp slumped 7.08% in BSE to £2,208.35 after the stock market asked for clarification on a media report claiming that the “IT department finds 1,000 crore false expense claims from Hero MotoCorp”.

Leave a Reply

Your email address will not be published. Required fields are marked *