Markets on bull run! Sensex surges over 800 pts, Nifty 50 over 16,900; HDFC, Axis Bank, Grasim top bulls

16 Mar 2022 , 09:35 AM

Equity benchmark indices extended morning trades on Wednesday amid buying interest seen in all sectors and also positive global cues. Investors cheered the fall in crude oil prices globally that also indicates the Federal Reserve may be less ‘hawkish’ than expected in its monetary meeting tonight.

Meanwhile, investors are also monitoring the developments of ongoing Russia-Ukraine war and increasing Covid cases, lockdowns in China territory which will set the mood of market players for next week.

As of 9:38 AM, the benchmark BSE Sensex rose 829.16 points or 1.49% to 56,606.01, while the broader NSE Nifty surged 237.15 points or 1.42% higher to 16,900.15. Mid- and small-cap shares also trade bullish as Nifty Midcap 100 index was up 1.42% and small-cap shares were trading 1.56% higher.

HDFC, Axis Bank, Grasim, IndusInd Bank, Tata Motors are among the top Nifty gainers, whereas Cipla, ONGC, Sun Pharma dipped marginally and emerged as the only losers on Nifty benchmark.

In terms of sectoral indices, on NSE, the Banking and Financial index outperformed by gaining over 2% each followed by IT, Auto and metal stocks drive the bullish trade.

On the global front, Asian markets saw a positive start as the Japanese ‘Nikkei’ traded higher by nearly 300 as sentiment improved following US cues overnight where stocks rallied sharply. Chinese stocks have seen near-term capitulation as sell-off in technology-related plays sees Hang Seng index hit 10-year lows.

US markets see best rally in over 1-month as Dow Jones climbs 600 points while Nasdaq rises nearly 3% as fall in oil sees inflation reading below expectations which spurs the bulls. Brent crude falls below US$100 after hitting US$139 less than 2 weeks back.