Keeping early gains intact, indices close session on high
Mumbai, March 17, 2022
Keeping the early gains intact, India's key equity indices -- Sensex and Nifty -- closed the session on a positive note on Thursday.
A policy rate hike of 25 basis points by the US Fed at its latest meeting and signs of some progress in talks between Russia and Ukraine supported investors' sentiment across the board on Wednesday.
The Sensex closed 1.8 per cent or 1,047 points higher at 57,864 points, whereas the Nifty ended 1.8 per cent or 312 points higher at 17,287 points.
"Positive global cues post the Fed rate hike, softening oil prices and progress in Russia-Ukraine talks boosted the confidence of the bulls," said S. Ranganathan, Head of Research at LKP securities.
Among the stocks, HDFC, Titan, JSW Steel, SBI Life, and Reliance Industries were the top five gainers among the Nifty 50 companies, rising 5.4 per cent, 4.6 per cent, 4.4 per cent, 3.5 per cent, and 3.5 per cent, respectively.
Barring Nifty IT, all sectoral indices traded in the green on Wednesday, NSE data showed.
"FIIs turning net buyers after a long wait was also a relief for the domestic market. With crude prices receding, war tensions calming down and foreign investors back to buying, we can expect the rally in the domestic market to continue," said Vinod Nair, Head of Research at Geojit Financial Services.