Sensex, Nifty Log Best Day In Over A Year Aided By Auto, I.T., Banking Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
KEY HIGHLIGHTS
Closing Bell
India's stock benchmarks logged the best day in over a year, as markets rebounded from the steep decline over the previous two sessions, as Russia-Ukraine geopolitical tensions eased. The rally was aided by gains in auto, information technology and banking stocks.
The Sensex added 3.08% to 58,142.05. All the constituents of the 30-stock gauge rose. The Sensex gained over 1,805.54 for an intraday high of 58,211.38.
The Nifty also advanced over 3% (equivalent of 500 points) to 17,352.45. About 48 of the Nifty 50 stocks advanced while two declined. Tata Motor gained the most, rising 6.9%.
The broader indices underperformed their larger peers with the S&P BSE MidCap adding 2.7% and S&P BSE Smallap adding 2%. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto gaining nearly 4%.
The market breadth was skewed in the favour of bulls. ABout 2,052 stocks advanced, 1,320 declined and 92 remained unchanged.
"The market witnessed the strong pullback rally after a big correction that occurred in the market on Monday. While sustaining above 17,200 is the key factor from a short-term perspective, market research suggests, a decisive breakout above the zone of 17,400-17,450 could open the gate for a movement till 17,800. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone", Vijay Dhanotiya, Category Lead - HNI Produts at CapitalVia Global Research Ltd. wrote in a note.
India's Information Technology Industry To Surpass $200 Billion Revenue This Fiscal year: Nasscom
Revenue from IT players including Tata Consultancy Services and Infosys Ltd. should grow 15.5% in the year ending March 2022 to about $227 billion, industry association Nasscom says in a statement.
India now has 83,40,000 internet users.
IT industry exports, including hardware, should hit $178b this fiscal year.
The domestic e-commerce industry will expand to $79b in fiscal 2022.
IT industry should grow 11%-14% to about $350b by fiscal 2026.
India is planning more reforms for its telecom and tech sectors: minister Ashwini Vaishnaw says at annual Nasscom event
Source: Bloomberg
PSU Banks Advance
European Markets Erase Losses & Surge Higher As Geopolitical Tensions Ease
Info Edge To Invest In Gurugram-Based Juno Learning
Info Edge has acquired a 25% stake for Rs 11.25 crore in Juno Learning, an online school that teaches sales techniques to entry-level professionals and students.
Info Edge’s portfolio has platforms like Zomato, Naukri.com, Shiksha, JeevanSathi.com and 99acres.
Source: Exchange filing
