Markets trade in green

27 Mar 2023 , 02:01 AM

In Monday afternoon session, the Indian stock markets are trading in an upward trend as news of ongoing negotiations for the purchase of Silicon Valley Bank, which had recently collapsed, provided some respite to investors. However, concerns about the potential spread of financial instability across the global banking industry remained.

On Monday, Silver futures witnessed a decline of Rs 211, reaching Rs 70,200 per kilogram, as investors decreased their bets.

On the sectoral front, Nifty Pharma is trading with the highest upside, followed by marginal gains in IT stocks. Nifty Auto, Bank, and Financial Services are under pressure. Nifty media fell about 1%.

At around 2.00 PM, BSE Sensex is trading 332 points higher at 57,859 points. NSE Nifty is up by 99 points at 17,044.

Reliance Industries (+1.98%) claimed the top position on the Nifty index. Sun Pharma (+1.58%) and Grasim Industries (+1.54%) are also trading higher. Divis Lab (+1.32%) and Cipla (+1.24%) joined the rally.

Tata Motors (-1.36%) is the top NSE laggard so far today, followed by Adani Ports (-1.30%). NTPC (-1.01%), Mahindra & Mahindra (-0.99%), and Axis Bank (-0.93%) fell nearly 1%.

Out of the 50 stocks on the Nifty index, 33 advanced.

Globally, after a series of interest rate hikes sparked concerns within the banking sector, European stock markets experienced a steep decline last week. However, at the start of trading on Monday, these markets rebounded.

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