Nifty nearing 17k on global rebound
Sensex soars 1,040 pts as bulls regain footing; Ease in FII selling, crude prices adding strength to domestic mkts; Strong recovery in rupee further added to momentum; Bounce back in Chinese market in anticipation of stimulus also aided the recovery; Investors awaiting US Fed decision
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Positive Tone
- BSE Sensex surged 1,039.80 pts to 56,816.65
- NSE Nifty jumped 312.35 pts to 16,975.35
- Ultratech Cement top gainer
- Axis Bank, IndusInd Bank, HDFC, Infosys, Bajaj Finserv and Bajaj Finance moved up
- Only 2 scrips-Sun Pharma and PowerGrid- in the red
Mumbai: Equity indices roared back to life on Wednesday after a day's pause on across-the-board buying, in tandem with a sharp rebound in world stocks amid hopes of a breakthrough in Russia-Ukraine talks. A strong recovery in the rupee added to the momentum, while investors also awaited the US Federal Reserve's policy announcement later in the day.
The 30-share BSE Sensex surged 1,039.80 points or 1.86 per cent to finish at 56,816.65. Likewise, the broader NSE Nifty jumped 312.35 points or 1.87 per cent to 16,975.35.
Ultratech Cement was the top performer in the Sensex pack, spurting 4.69 per cent, followed by Axis Bank, IndusInd Bank, HDFC, Infosys, Bajaj Finserv and Bajaj Finance. Only two counters closed in the red -- Sun Pharma and PowerGrid, dipping up to 0.35 per cent. Global equities clambered up after Ukraine said there is possible room for compromise in talks with Russia, even as the Russian forces intensified its bombardment of Kyiv. Ukrainian President Volodymyr Zelensky said Russia's demands were becoming more realistic. Both the countries are likely to hold talks again on Wednesday.
"Ease in FII selling and crude prices is adding strength to the domestic trend. Positive global cues and strong bounce back by the Chinese market in anticipation of stimulus supported the trend.
