Stock Market: Sensex Rises 280 Points, Nifty Trades Above 17,450 Amid Mixed Cues. TechM Surges 8 Per Cent

Stock update: On the 30-share Sensex platform, TechM was the lead gainer, up 8 per cent. Kotak Bank, Power Grid, ICICI Bank, HDFC Bank, Bajaj Finance, SBI were the other winners

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices lowered up to 0.1 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday opened higher tracking mixed global cues.

At 9.35 am, the S&P BSE Sensex gained 280 points to 59,415. On the other hand, the NSE Nifty was trading at 17,466, up 54 points.

On the 30-share Sensex platform, TechM was the lead gainer, up 8 per cent. Kotak Bank, Power Grid, ICICI Bank, HDFC Bank, Bajaj Finance, SBI were the other winners. On the flip side, IndusInd Bank, Infosys, Titan, Tata Motors, NTPC emerged losers in early trade.

#ABPLiveStockMarketWatch | Sensex and Nifty on Monday opened higher tracking mixed global cues.

At 09:51 AM, #Sensex went up by 100 points to 59,235 & #Nifty by 32 points to 17,445

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/Z5cUr1XchI

— ABP LIVE (@abplive) March 13, 2023

Among individual stocks, shares of Tech Mahindra soared over 8 per cent as Infosys' veteran Mohit Joshi is set to replace C P Gurnani as MD & CEO.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices lowered up to 0.1 per cent.

Sectorwise, Nifty IT, and Nifty Metal indices led the charge as it gained over 1 per cent each. On the flipside, Nifty Media, and Nifty Auto indices were bogged down in trade.

In the previous session on Friday, the S&P BSE Sensex tanked 671 points (1.12 per cent) to close at 59,135. On the other hand, the Nifty50 gave up the 17,450-mark to end at 17,413, falling 177 points (1 per cent).

On Monday, most of the Asian markets were in the green while American and European markets closed in the negative territory on Friday as investor sentiments were hit by the Silicon Valley Bank crisis.

V K Vijayakumar, chief Investment strategist, Geojit Financial Services, said the Silicon Valley Bank issue is unlikely to rattle the markets for long. "A possible positive impact of the Silicon Valley Bank crisis is that it may nudge the US Federal Reserve to go less hawkish since the aggressive rate hike by the Fed lies at the root of the SVB crisis. If the US CPI inflation data tomorrow indicates a declining trend in inflation, the Fed is unlikely to raise rates by 50 bp in the March 22 meeting. That will be a positive from the market perspective," he noted.

On Friday, Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 2,061.47 crore.

Brent crude futures, the global oil benchmark, rose 0.30 per cent to $83.03 per barrel.

Meanwhile, the rupee appreciated by 25 paise to 81.81 against the US dollar in early trade on Monday, tracking positive sentiments in the domestic equity market and subdued dollar against major currencies.

At the interbank foreign exchange, the domestic unit opened at 81.78 against the dollar and slipped to 82.06. Later, it gained ground to reach 81.81 registering an increase of 25 paise over its previous close. On Friday, the rupee settled at 82.06 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies fell 0.77 per cent to 103.78.