Sensex rallies over 1000 points; Nifty above 17,250

17 Mar 2022 , 10:27 AM

Indices traded with strong gains, tracking positive sentiment from global markets in morning trade. The Nifty scaled 17,250 level and edged higher. All sectoral indices on the NSE were trading in the green with banking, financial and realty shares surging the most.

At 10:25 IST, the barometer index, the S&P BSE Sensex, jumped 1,003.34 points or 1.77% at 57,819.87. The Nifty 50 index rallied 285.5 points or 1.68% at 17,260.30.

In the broader market, the S&P BSE Mid-Cap index jumped 1.21% while the S&P BSE Small-Cap index rallied 1.15%.

Buyers outnumbered sellers. On the BSE, 2,318 shares rose and 754 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Bank index rallied 778.9 points or 2.18% to 36,527.2, extending its winning run to second trading session. The banking index has added 4.3% in two days.

Kotak Mahindra Bank (up 3.15%), HDFC Bank (up 2.4%), Axis Bank (up 2.27%), ICICI Bank (up 2.2%), IndusInd Bank (up 1.92%), SBI (up 1.59%) and IDFC First Bank (up 1.43%) were top gainers in banking space.

Stocks in Spotlight:

Oil India rose 1.39% to Rs 237.05 after the companys board approved an investment in its subsidiary company, Numaligarh Refinery for the implementation of petrochemical project in Assam at an estimated capital cost of Rs 6,555 crore.

Voltas advanced 3.28% after the board approved a proposal to enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company. The companies plan to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air conditioners, motors for inverter compressors and their associated parts including sourcing of raw materials & components required for manufacturing these products, on such terms and conditions as may be mutually agreed between the parties.

Global Markets:

Asian markets were trading higher on Thursday following overnight gains on Wall Street, while the US Federal Reserve announced its first rate hike in more than three years.

US stocks rallied in a wild session after the Federal Reserve raised rates and said it would hike another six times this year.

The Fed announced at the conclusion of its two-day meeting Wednesday that it will increase short-term interest rates by a quarter of a percentage point, a well-telegraphed move by the central bank as it seeks to control surging inflation. The Fed forecast a consensus funds rate of 1.9% by years end, which would mean a hike at each of the remaining central bank meetings this year.

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