Benchmark indices traded higher in the opening session amid positive global markets following a fall of over 12 per cent in crude oil prices. At 09:16 IST, Sensex was up 1,128.22 points or 2.06 per cent at 55775.55 and Nifty was up 314.20 points or 1.92 per cent at 16659.60. About 1860 shares have risen, 185 shares have declined and 38 shares have remained unchanged.
Asian Paints, Axis Bank, SBI, HUL, Maruti, UltraTech Cement were among the top gainers in the Sensex, rising up to 5 per cent. Tata Motors was the top gainer on Nifty.
The broader markets also extended profits, in line with the rise in benchmark indices. BSE Midcap and Smallcap indices rose up to 2 per cent.
Major benchmark indices will keep a keen eye on the state election results of Uttar Pradesh, Punjab, Goa, Mizoram and Uttarakhand. Investors may react positively to the results if they come in line with exit polls that predicted the ruling BJP to win in the key state of UP.
Prashant Taapsee, Vice President (Research), Mehta Equities Ltd. said: “The fear theme in Dalal Street is getting deeper and clearer in the backdrop of ‘stagflation’. Markets will look at what RBI does in the backdrop of high oil and commodity prices. Deals well, and most importantly, pro-growth fiscal policies. Technically speaking, Nifty’s biggest support is at 15711 level. Nifty below 15711 zone, expect a sell-off spring which is inter-monthly. With perspective Nifty can take a further downside by 14251 points. From chartist point of view, technical scenario will improve significantly only when Nifty closes above 16557.”
Markets have posted sharp gains in the past two sessions as talks of de-escalation of the Russia-Ukraine war. Ukraine’s leadership has said it no longer wants to ally with NATO, while Russia has said it does not want to topple the government in Ukraine. The foreign ministers of both the countries are going to meet today.
global signal
Oil prices jumped again on Thursday after the United Arab Emirates said it has committed to adding 400,000 barrels per month to a deal with major producers, the UAE ambassador to Washington said, adding that his country has made a big deal. growth is supported. US West Texas Intermediate (WTI) crude futures jumped more than $3 shortly after opening and were trading $1.53, or 1.4 percent, at $110.23 by 2324 GMT. The contract had fallen 12.5 per cent in the previous session, in the biggest daily drop since November.
Tokyo shares rose three percent on Thursday on hopes of a ceasefire between Russia and Ukraine, as Moscow attacked its neighbour. The benchmark Nikkei 225 index rose 3.00 per cent, or 741.59 points, to 25,459.12, while the broader Topix index jumped 3.04 per cent, or 53.45 points, to 1,812.34. The dollar gained 115.93 yen against 115.86 yen in New York on Wednesday.
Hong Kong shares opened higher on Thursday, with traders tracking gains across US and European markets as bargain-seekers followed a Ukraine-fuelled route. The Hang Seng index rose 2.32 per cent, or 478.86 points, to 21,106.57. The Shanghai Composite Index rose 1.71 per cent, or 55.79 points, to 3,312.18, while the Shenzhen Composite Index rose 2.33 per cent, or 49.27 points, to 2,165.42 on the second exchange of China.
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