Rising for the fourth straight day, the Indian market witnessed a buying sentiment with Sensex breaching the 61000-mark and Nifty50 testing 18200-level intraday. The surge is mainly led by metal along with auto as well as banking and financial stocks on Wednesday. 

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At around 12:21 pm, the BSE Sensex is up over 482 points or 0.8 per cent to 61099, while Nifty50 up over 138 points or 0.77 per cent to 18,914 levels intraday. Following the benchmarks suite, the boarder markets are gaining too with Nifty Midcap up 0.8 per cent and Small-cap up 0.66 per cent. 

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One of the key contributors to Nifty50, the 12-share banking, Nifty Bank is up over 286 points or 0.75 per cent to 38,782-mark intraday, led by heavyweights such as ICICI Bank and Kotak Bank. 

Of 50 scrips on Nifty, 35 advancing and 15 declining intraday. In this, auto major Mahindra and Mahindra gained most by over 2.5 per cent, followed by index heavyweight Reliance Industries along with Hindalco and ONGC each surged over 2 per cent and IndusInd Bank around 2 per cent intraday. 

Ace investor Rakesh Jhunjhunwala’s favourite bet Titan is the top laggard intraday today, down almost 1.5 per cent, followed by Shree Cement and Cipla each slipped over 1 per cent intraday. While TCS and Wipro are weak ahead of Q3 results, each down nearly 1 per cent intraday. 

Except for the Pharma index, almost all sectors are surging with Metals witnessing maximum strength over 1 per cent, followed by auto, banking and financials each up around 1 per cent. While IT index trading flat with positive bias. Realty and media stocks aid most the broader markets intraday. 

In mid-market comment, Mohit Nigam, Head - PMS, Hem Securities said, “Good Q3 results from market leaders and strong sentiment regarding the forthcoming budget can act as good triggers for the market.”

While Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments pointed out, “The markets have sustained well above the 18000 level and should be looking forward to 18400-18500 as the next target. Since the market has a good support at 17700, any intraday correction should be used to accumulate long positions on the Nifty.”

According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “The expected good results from the three IT majors today are likely to impart resilience to the market. Results from the leading banks starting Saturday also will be good thanks to declining provisioning and rising NIMs (net interest margins).”

Though Omicron cases are exploding in Europe and US the market message is that it is a manageable risk, the market analyst said in a mid-market comment.