Markets end higher led by IT, Auto stocks; Nifty 50 settles above 17,300 levels; Sensex zooms over 600 pts

22 Mar 2022 , 03:51 PM

Equity benchmark indices recovered from intraday losses during afternoon deals to end higher on Tuesday. The domestic bourses, which started on a weaker note, surged gradually amid strong buying seen in IT and automobile stocks. On the international front, U.S. Federal Reserve Chair Jerome Powell hinted at a rate hike of 50 basis points (bps).

The BSE Sensex soared 697 points or 1.22 per cent to close at 57,989, while the broader NSE Nifty moved 198 points or 1.16 per cent higher to settle at 17,316. The Midcap and smallcap shares finished on a stronger note as Nifty Midcap 100 index and small-cap shares rose 0.28 per cent each.

On the sectoral front, Nifty IT and Nifty Auto outperformed the index by rising as much as 1.96 per cent and 1.19 per cent, respectively. However, Nifty FMCG and Nifty Consumer Durables tanked as much as 0.73 per cent and 0.71 per cent, respectively.

Tech Mahindra was the top Nifty gainer, followed by BPCL, Tata Motors, Reliance Industries and Bajaj Finserv.

Meanwhile, crude oil trading above $110 per barrel due to the Russia-Ukraine conflict.