Benchmarks hit fresh intraday high; IT shares advance

22 Mar 2022 , 02:28 PM

The domestic equity barometers edged higher and hit the days high in mid-afternoon trade. The Nifty traded above the 17,250 mark after hitting a days low of 17,006.30 in mid morning trade. IT shares witnessed across the board buying.

At 14:26 IST, the S&P BSE Sensex surged 500.74 points or 0.87% at 57,793.23. The Nifty 50 index rallied 141.05 points or 0.82% at 17,258.65.

In broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index rose 0.02%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,540 rose and 1,821 shares fell. A total of 119 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 1.57% to 35,933.85. The index had declined 0.98% in the past two sessions.

Mphasis (up 2.47%), Tech Mahindra (up 2.45%), Larsen & Toubro Infotech (up 1.91%), Infosys (up 1.83%), TCS (up 1.60%), Wipro (up 1.09%), MindTree (up 1.11%) and L&T Technology Services (up 1.04%) advanced.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.829% compared with 6.781% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.135, compared with its close of 76.18 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement shed 0.26% to Rs 51,520.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.15% to 98.65.

In the commodities market, Brent crude for May 2022 settlement shed 49 cents or 0.42% $115.13 a barrel.

Global Markets:

European markets advanced across the board while most Asian stocks traded higher on Tuesday.

China Eastern Airlines shares fell after the carriers Boeing 737 passenger jet crashed in southern China on Monday.

Investors continue to watch the situation in Ukraine as ongoing peace talks between Moscow and Kyiv fail to make progress. On Monday, Ukraine refused to surrender the port city of Mariupol to Russian forces following an ultimatum from Moscow.

Market watchers are also monitoring the omicron subvariant as it spreads across Europe along with one of the worst Covid-19 outbreaks in China since 2020.

US stocks broadly declined on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

Powell on Monday said ?inflation is much too high? and pledged to take ?necessary steps? to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

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