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Sensex ends above 56-k mark
Sensex ends above 56-k mark
Decline in crude oil prices as hopes of headway in Russia-Ukraine talks boosted risk-on sentiment globally; Heavy buying in banking and IT counters; European bourses opened higher
Mumbai: Equity indicesmarched higher for the fifth session on the trot on Monday, propelled by robust buying in banking and IT counters along with a decline in crude oil prices as hopes of headway in Russia-Ukraine talks boosted risk-on sentiment globally. European bourses opened higher following reports of tentative progress in talks between Russian and Ukrainian officials, even as Moscow continued its military offensive.
After a cautious start, the 30-shareBSE Sensex gained momentum as the session progressed to close 935.72 points or 1.68 per cent higher at 56,486.02. Similarly, the broader NSE Nifty vaulted 240.85 points or 1.45 per cent to settle at 16,871.30.
Infosys topped the Sensex gainers' chart, spurting 3.76 per cent, while HDFC Bank climbed 3.25 per cent after the RBI on Saturday lifted all restrictions on the private-sector lender, permitting it to launch new digital initiatives. SBI, Maruti Suzuki, Axis Bank, ICICI Bank, Wipro and HDFC were among the other prominent winners. Only four Sensex constituents closed with losses -- HUL, Sun Pharma, Dr Reddy's and Tata Steel, dropping up to 1.66 per cent.
"We are gaining traction as strategy is shifting from tactical sell to tactical buy. Investments are chipping in as commodities prices are reverting. FIIs selling and crude prices are subsiding, which is expected to continue based on diplomatic developments and provide an edge to the domestic market. Globally, investors are bracing for rate hikes as expected. Domestic WPI has spiked up, however, market is ignoring as future prices can get gloomy," said Vinod Nair, head (research) at Geojit Financial Services.
Foreign institutional investors (FIIs) continued their selling spree in Indian markets as they offloaded shares worth Rs2,263.90 crore on a net basis on Friday, according to exchange data. The broader market depicted a muted trend, with the BSE smallcap index gaining 0.31 per cent, while the midcap gauge inched up 0.02 per cent. A total of 1,749 stocks advanced, while 1,723 declined and 140 remained unchanged on the BSE.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021.
