Sensex Rises 500 pts, Nifty Above 16,700; Tata Steel, IndusInd, PowerGrid Top Gainers

The key benchmark indices opened on a positive note on Thursday tracking its global peers. At 9:16 IST, the Sensex was up 504.88 points or 0.91 per cent at 55973.78, and the Nifty was up 160.40 points or 0.97 per cent at 16766.40. About 1624 shares have advanced, 236 shares declined, and 45 shares are unchanged.

Coal India, ONGC, IOC, UPL and Tata Steel were among major gainers on the Nifty, while losers were HDFC Life, SBI Life Insurance, UltraTech Cement, Nestle India and Cipla.

In the broader markets, the BSE MidCap and SmallCap indices were in the positive territory, up to 1.5 per cent higher.

Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “Global markets got a relief from Fed Chief Powel’s endorsement of a 25bp rate cut in March. Powel’s remark that “we are not going to add to uncertainty” is an affirmation that rate hikes will not be market unsettling.”

Morgan Stanley removing “uninvestable Russia” from the MSCI Index is a long-term positive to stable markets like India which will attract more FPI funds.

But in the short run India will continue to face headwinds coming from expensive crude. The scenario will change only when the war ends and crude comes down sharply. Meanwhile, commodities like metals will continue to outperform and IT will be resilient. Financials present attractive long-term bets, Vijayakumar said.

“Nifty has corrected 11 per cent from the peak. But with FIIs being relentless sellers, further correction cannot be ruled out. Investors may start nibbling at high quality stocks which have corrected disproportionately,” Vijayakumar added.

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