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Exit Polls, Buying The Dip Keeps Equity Benchmarks In Green For Second Consecutive Day
The blue-chip NSE Nifty 50 index rose 2.07 per cent to 16,345.35 at close, with most of its major sub-indices in the positive territory. The BSE Sensex climbed 2.29 per cent to 54,647.33
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Indian equity benchmark indices rose sharply on Wednesday as investors continued buying heavily across all sectors even as concerns over the impact of the Ukraine-Russia crisis persisted. Also, the exit polls for the states which just concluded elections cheered the Dalal Street as they showed a comprehensive victory for the incumbent BJP.
Although, investors are showing interest in buying stocks at lower levels but a sustained rally is unlikely as long as the war continues and commodity prices remain high, according to experts.
The blue-chip NSE Nifty 50 index rose 2.07 per cent to 16,345.35 at close, with most of its major sub-indices in the positive territory. The BSE Sensex climbed 2.29 per cent to 54,647.33.
"At present, we are seeing a rebound or a relief rally after a sharp decline in indexes, and as long as the Nifty 50 is trading below the 16,400 zone, it is a sell-on-rise market," said Ajit Mishra, vice president of research at Religare Broking.
The overall trend, however, is still negative due to global cues, including higher oil prices, Mishra said.
Oil-to-retail conglomerate Reliance Industries, India's most valuable company, broke its four-day losing streak to close 5.3 per cent higher.
Airline operators InterGlobe Aviation, after six consecutive sessions of losses, and SpiceJet closed 6.9 per cent and 6 per cent higher, respectively. The government said it would allow scheduled commercial flight operations to international destinations from March 27.
The Nifty auto index closed 2.85 per cent higher, with Maruti Suzuki and Mahindra and Mahindra rising 3.2 per cent and 4.9 per cent, respectively.
The Nifty IT index, the energy index, the financial services index and the banks index also advanced between 1 per cent and 2 per cent. Heavyweights Bajaj Finserv and Bajaj Finance climbed 3.9 per cent and 5 per cent, respectively.
The Nifty metals index posted its second consecutive session of losses, closing 0.34 per cent lower.
Broader equity markets also saw a rebound following a recent global sell-off on concerns around soaring oil prices and sanctions on Russia over its invasion of Ukraine.
Oil prices jumped after U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports.
(With inputs from Reuters)