Market Update: Sensex reclaims 60000, Nifty50 inches towards 17900-mark; private banks lead surge
The Indian markets continue to show strength for the third straight session in 2022 on Wednesday. The Sensex reclaimed 60000-mark, Nifty50 inching towards 17900-level intraday. The surge in the market is mainly led by banking and financial stocks along with metals.
At around 12:18 pm, the BSE Sensex is up over 209 points or 0.35 per cent to 60,065, and Nifty50 is up over 64 points or 0.36 per cent to 17,870 intraday. On the contrary, broader markets are trading mixed, with mid-cap up marginally 0.14 per cent and small call down around quarter per cent.
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The 12-share banking index, Nifty Bank is up over 610 points or 1.66 per cent to 37,450-level, led by Kotak Bank, Axis Bank and ICICI Bank.
Of 50 scrips on Nifty, 30 are advancing and 20 are on declining trend intraday. Financial majors such as Bajaj twins – Bajaj Finance and Bajaj Finserv – each up around 5 and 4 per cent respectively, while Kotak Bank, JSW Steel, Asian Paints, IOC, Axis Bank each up between 2-2.5 per cent intraday.
On the contrary, all the major IT stocks are weak in otherwise positive market as Tech Mahindra and Infosys slumped around 3 and 2.5 per cent, followed by Wipro, HCL Tech and TCS each down between 1.2-1.6 per cent intraday.
Sectorally, almost all sectors are in the green, with banking and financial surging most each up around 1.5 per cent, followed by Nifty Metal up over 1 per cent intraday. On the other hand, Nifty IT declined most by nearly 2 per cent, dragging most the market.
In the broader markets, realty stock are leading the surge and media are dragging the mid cap and small-cap intraday today.
Gaurav Garg, Head of Research, Capitalvia Global Research Ltd said, “Traders are more hopeful with the RBI's decision to keep the reverse repo rate unchanged in the next policy amid an increase of Corona cases in India. The market is gaining strength as a result of the Federal Reserve's hawkish move to enhance economic growth.”
“Our research suggests that 60000 may act as an important psychological level in the market. Sustaining above this level can leads to a higher level of 60500. Technical indicators also support positivity in the market”, the market analyst said in a mid-market comment.
03:08 PM IST