Sensex Rises 435 Points, Nifty Tops 16,100; IT And Pharma Stocks Sparkle

Broader markets strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around one percent each in morning deals

New Delhi: The key domestic benchmark indices, Sensex and Nifty, on Wednesday opened higher led by gains on IT and pharma stocks and mixed global cues amid the ongoing Russia-Ukraine conflict.

At 10 am, the 30-share BSE Sensex was at 435 points to 53,859, while the NSE Nifty moved 116 points up to 16,129.

The gains in Sensex were led by TechM, Titan, IndusInd Bank, Infosys, HCL Tech, Sun Pharma, Dr Reddy’s, up to 1.7 per cent higher. On the Nifty, Adani Ports, UPL, and BPCL were the additional gainers.

On the other hand, Asian Paints, PowerGrid, Kotak Bank, ICICI Bank, Nestle, JSW Steel were the top losers on the bourses, down up to 1 per cent.

Broader markets strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around one percent each in morning deals.

Sectorally, Nifty Banks and Metals were the sole losers, down 0.3 per cent and 0.5 per cent, respectively. While, Nifty Auto, IT, Pharma, and Realty were leading gains, trading up to 1 per cent up.

In the previous session, Sensex climbed 581 points to 53,424, while the broader NSE Nifty moved 150 points higher to close at 16,013.

Bourses in Hong Kong and Shanghai were trading lower in mid-session deals, while Tokyo was quoted in the green.

Stock exchanges in the US closed in the negative territory on Tuesday.

Meanwhile, international oil benchmark Brent crude jumped 2.61 per cent to $131.3 a barrel.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 8,142.60 crore on a net basis on Tuesday, according to exchange data.

"Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, movement of rupee against the dollar and crude oil prices will dictate trend in the near-term," according to Mitul Shah, Head of Research at Reliance Securities.

V K Vijayakumar, chief investment strategist, Geojit Financial Services said, "Negative sentiments in global stock markets persist. As long as the war lingers and crude remains at high levels a sustained rally is unlikely."