Markets on bull run! Sensex nears 56,100, Nifty 50 over 16,700; IT, Banking, Consumer Durables outperform; IndusInd, Tata Steel top bulls, RIL and TCS add to rally

25 Feb 2022 , 10:42 AM

Indian markets picked momentum on Friday and made a notable recovery from their biggest drop in over a year in the previous session. The ongoing crises between Russia and Ukraine have left markets on a global level in a frantic state, however, today markets on the Asian front made significant gains tracking Wall Street’s biggest comeback in months.

Investors globally tracked the Russia-Ukraine conflict as the relations between the two countries gets severed after Moscow carried an all-out invasion of Ukraine through all means like land, sea and air – becoming the biggest attack by one state against another in Europe since World War 2.

In the Asian market, expect more traction even as weekend blues & sharp fall this week sees caution prevail. The undertone remains weak as geopolitical risk remains a big concern. However, most markets have priced in the worst with events now getting discounted which could see a sharp pullback rally from next week.

At home, markets made massive gains due to positive cues with all sectoral indices trading in the green. Also, the performance comes as markets enter into the March futures & options (F&O) series.

At around 10.41 am, Sensex was trading at 56,063.74 skyrocketing by 1533.83 points or 2.81%. The benchmark has touched an intraday high of 56,148.51.

Nifty 50 jumped by 460.70 points or 2.84% and was trading at 16,708.65. The index has climbed to an intraday high of 16,737.30.

All stocks listed on BSE Sensex had advanced. IndusInd Bank was the top gainer soaring by 5.25% followed by Tata Steel surging 5.2%. Stocks like Tech Mahindra, Bajaj Finance, Bajaj Finserv, ICICI Bank and Axis Bank zoomed between 4-5%.

The second most valued company in terms of market cap, TCS climbed 3.7%, while NTPC, HCL Tech, Wipro, SBI, Bharti Airtel, ITC and Ultratech Cement with gains between 3-3.7%.

Benchmark heavyweight Reliance Industries jumped 2%. HDFC, HDFC Bank, Kotak Bank, Power Grid, M&M, Infosys, L&T, Asian Paint, Titan, Sun Pharma and Dr Reddy’s Lab were higher between 2-3%.

In broader markets, BSE SmallCap outperformed with nearly 1,100 points rise, BSE Midcap and Sensex Next 50 advanced 950 points and 1,805 points respectively.

In terms of sectoral indices, on BSE, IT, Bankex and Consumer Durables index outperformed with nearly 1,070 points, 1,550 points and 1,175 points. All sectoral indices traded higher in the range of 2-5.5%.