Investor sentiment was boosted in Turkey after talks between Russian and Ukrainian officials led Russia’s deputy defense minister to claim Moscow has decided to “significantly” reduce its military activity near the Ukrainian capital. Indian benchmark equities are trading up over 1 per cent today. The backdrop of signs of progress in peace talks between Russia and Ukraine to end the week-long conflict. Sensex and Nifty have climbed for the second consecutive session, however, traders are waiting for directional signals.
Against this backdrop, Reliance Industries, HDFC twins, ICICI Bank, Bajaj Finance and Kotak Bank closed the benchmark S&P BSE Sensex up 740 points at 58,684. Meanwhile, the NSE Nifty 50 jumped 173 points to end at 17,498. The 50-pack index was also supported by Bajaj Finserv, Hero MotoCorp, Grasim, Tata Consumer, M&M and Axis Bank. However, losses in ITC, Tata Steel, ONGC, Hindalco, JSW Steel, Tech M, Coal India and IOC kept the gains in check.
Among the broader markets, the BSE Midcap index gained 0.7 per cent and the BSE Smallcap index gained 1 per cent.
Niraj Chadavar, Head of Quantitative Equity Research, Axis Securities, said: “Over the past two weeks, the market is showing some recovery, led by key drivers such as the Russia-Ukraine peace talks, the FED decision on an expected line, and The state election results favor the ruling government. With all these developments, risk appetite is back in the market with India VIX now trading at around 21 levels, slightly below the long-term average of 22. Investor sentiments further improved with easing crude oil prices, leading to increased buying interest, especially towards riskier assets like equities.”
“In the near term, market performance is likely to remain range bound, as a clear trend is likely to emerge only if volatility remains at current levels for a prolonged period of time. Q4FY22 Earnings commentary remains important at this time. Also, the number of downgrades/upgrades for the quarter will have to be tracked (due to higher input cost pressure) and this will give a boost to market fundamentals. We continue to have a positive long-term outlook on the market supported by an emerging favorable framework as increased capex spending helps banks improve credit growth. Overall, the Indian market has entered an earnings cycle with expectations of 20 per cent Nifty EPS CAGR growth in FY 2011-24, which was in the single digit of 7 per cent in FY 09-21. We are confident that the market will follow double-digit earnings growth in the coming years.”
global signal
US stocks posted higher gains on Wall Street on Tuesday as investors welcomed encouraging economic data and indicated progress in talks on ending the war in Ukraine. The S&P 500 rose 1.2 percent, its fourth consecutive gain. The Dow Jones Industrial Average ended up 1 per cent and the Nasdaq Composite up 1.8 per cent. The latest gains built on the gains of major indices over the past two weeks, even amid volatile trading and volatile energy prices.
Hong Kong shares opened on a positive Wednesday as investors cautiously welcomed progress in Ukraine peace talks after Russia promised to ease the war. The Hang Seng index rose 0.79 per cent, or 174.00 points, to 22,101.63. The Shanghai Composite Index rose 0.43 per cent, or 13.65 points, to 3,217.59, while the Shenzhen Composite Index gained 0.46 per cent, or 9.57 points, to 2,094.05 on the second exchange of China.
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