The Nifty saw its biggest rally in nearly 10 months as after the biggest decline in over 10 months a blockbuster rally the next day sent the index back to recoup all the losses of Monday.
Nifty rallied over 500 points while the Sensex gained 1700 points while Bank Nifty was up over 1250. The breadth was positive with midcaps also joining the rally as short covering/value buying saw across the board buying as local mutual funds bought aggressively.
Nifty midcap 50 index was the top gainers rising over 3.09% with auto, cement & financial services stocks leading the gainers.
US Market: US markets see superb rebound as Russia retreats armed forces to avoid war like situation.
Equities sees sharp rally while oil sees fall as risk premium on geopolitical situation drops. Bond yields hit 2 year high closing @ 2.03% as inflation tailwind rises with Federal Reserve expected to increase rates by 50 basis points in March now almost a certainty.
Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ which traded higher by over 500 points in early trade as most Asian markets saw across the board short covering/value buying as geopolitical risk fell. South Korea & Taiwan were the other big gainers as equities saw buying momentum.
Chinese stocks will also join the rally as market see relief momentum before the Federal Reserve policy decision in March.
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