Key benchmark indices climbed for a second straight day on Wednesday as investors continued to assess the impact of the Russia-Ukraine crisis. However, Ukrainian President Volodymyr Zelenskyy’s reported statement that his country has cooled down on the question of a NATO membership calmed investor nerves. At close, the Sensex was up 1,223.24 points or 2.29% at 54,647.33, and the Nifty was up 331.90 points or 2.07% at 16,345.40. About 2585 shares have advanced, 681 shares declined, and 90 shares are unchanged.
Asian Paints, Reliance Industries, Bajaj Finance, M&M and IndusInd Bank were among the top Nifty gainers. On the other hand, Shree Cements, Power Grid Corporation, ONGC, NTPC and Coal India were the biggest losers.
Sectorally, the Nifty Metal index was the sole loser was a second straight day, down 0.4 per cent. The gainers, meanwhile, were the Nifty Realty and Auto indices, up 3 per cent each; the Nifty Bank, Financial Services, Private Bank and PSB indices, up 2 per cent each; and the Nifty IT and Pharma indices, up 1 per cent.
Mohit Nigam, Head – PMS, Hem Securities, said: ” Even though oil prices surged due to a US import embargo on Russian oil, Indian benchmark indices were off to a strong start today. Buying was seen across the BSE sectoral front, with stocks from the Energy, TECK, and IT counters attracting the most attention. The general market breadth is in favor of increase today. European markets rebounded as buyers bought stocks that had been battered in the recent market selloff. After Ukrainian President Zelenskyy announced the country was no longer interested in NATO membership, investors bought beaten-down shares in the hopes of de-escalating the Russia-Ukraine war.”
“Net domestic positive flows are currently sustaining the enormous withdrawals observed by FIIs on a daily basis. The robust SIP flow of 11k crore monthly, which continues to expand, accounts for a substantial portion of the positive flows.”Market benchmarks ratcheted higher in a see-saw session on Tuesday after four days of steep declines as investors accumulated recently-battered IT, pharma and finance stocks even as the Ukraine crisis remained an overhang. World equities were mixed as participants tracked Russia’s intensifying attack on Ukraine and the cascade of sanctions against Moscow,” Nigam added.
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