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Sensex Rallies 1,047 Points On Strong Global Cues; Nifty Settles Near 17,300

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Sensex and Nifty finished higher for the second consecutive session on Thursday.New Delhi: The Indian equity benchmarks on Thursday rallied for the second straight session amid strong cues from the global markets.

Asian shares advanced in line with a rally on Wall Street overnight as the U.S.

Federal Reserve hiked policy rate for the first time since 2018 and signs of progress in talks between Russia and Ukraine lifted investors' sentiment.

The U.S.

central bank increased rates by a quarter-point (25 basis points) and mentioned equivalent hikes at every meeting for the remainder of this year.Back home, the 30-share BSE Sensex jumped 1,047 points or 1.84 per cent to close at 57,864, while the broader NSE Nifty moved 312 points or 1.84 per cent higher to settle at 17,287.

Both the indexes had logged similar gains in the previous session.Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 index surged 1.38 per cent and small-cap shares gained 1.23 per cent.14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- ended in the green.

Nifty Financial Services and Nifty Consumer Durables outperformed the index by rising as much as 2.77 per cent and 2.40 per cent, respectively.

However, Nifty IT slipped 0.24 per cent.On the stock-specific front, HDFC was the top Nifty gainer as the stock climbed 5.36 per cent to Rs 2,415.

Titan, JSW Steel, SBI Life and Reliance Industries were also among the gainers.The overall market breadth stood positive as 2,113 shares advanced while 1,295 declined on BSE.On the 30-share BSE index, HDFC, Titan, Reliance, Kotak Mahindra Bank, Asian Paints, Sun Pharma and Tata Steel were among the top gainers.In contrast, HCL Tech and Infosys settled in the red.Shares of Paytm plunged again after an analyst -- who was early to predict the digital payment firm's troubles -- further reduced target price.

Paytm's parent One 97 Communications fell 6.28 per cent to Rs 594.25."The markets have been dominated by risk off sentiment in last few weeks due to concerns on high commodity prices owing to Russia-Ukraine crisis and monetary tightening by Federal Reserve.

Fed undertook 25 bps hike - first since Covid-19 crisis - and has guided the markets for six more hikes buoyed by the resilience of the economy and strong labour market.

On the other hand, initiation of peace talks between Russia and Ukraine, lock down in China due to rising Covid cases and continued buying of Russian oil by India and China have provided some relief to commodity prices," Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co.

Ltd, said."Consequently, we expect markets to remain in consolidation phase in near term as investors assess the global developments and upcoming domestic earnings season on durability of economic recovery," he added.Further, the stock indices will remain closed on Friday on account of the "Holi" festival.

Indexes will reopen on March 21.




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