Sensex Jumps 800 pts, Nifty Above 17,850; Metal Stocks Gain

Sensex Today: The Sensex and Nifty indices mirrored global moves and had a gap-up opening. Key indices Nifty50 rose over 150 points to trade above 17,800 levels and the S&P BSE Sensex climbed over 600 points to trade at 59,761 levels.

Broader markets, too, reflected similar resilience as Nifty Midcap 100 and Nifty Smallcap 100 surged over 1 per cent each.

All sectors started in positive territory, as Nifty IT and Nifty Media indices led the charge – up over 1 per cent.

IndusInd Bank, Tech Mahindra, HCL Technologies, Bajaj Finserv, Infosys, were the top contributors to benchmark indices.

Among individual stocks, shares of Mcleod Russel soared over 9 per cent higher as Carbon Resources intends to takeover the company.

Besides, shares of Ircon International surged over 3 per cent after the company bagged Rs 256 crore work order from Mahanadi Coalfields.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Since globally markets are focused on Fedspeak on the 21st, major breaks from the present levels are unlikely for 2 days. A big correction after the Fed decision is possible only if the rate hike is by 100bp. The Indian market continues to show resilience despite global challenges. Major indices like Nifty Bank, autos, FMCG and cement are at record levels with only Nifty IT dragging the benchmark indexes. The real winners in this volatile market are investors who remained invested without much trading. This strategy may be continued in the near-term. There is value emerging in IT for long-term investors.”

Global Cues

Asian shares edged up in early trade on Tuesday following a rebound in the final hour of New York trading as investors turned their attention to an expected hefty Federal Reserve interest rate hike this week to tackle inflation.

Tokyo stocks opened higher on Tuesday, extending rallies on Wall Street, with all eyes on the US Federal Reserve’s expected rate hike later this week. The benchmark Nikkei 225 index was up 0.81 percent, or 222.85 points, at 27,790.50 in early trade, while the broader Topix index advanced 0.63 percent, or 12.28 points, to 1,950.84.

Wall Street’s main indexes closed higher on Monday after seesawing during the session as investors wait to see how aggressively the Federal Reserve will hike interest rate hikes at this week’s policy meeting.

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By jaghit

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