Afternoon Session: Sensex Gains 634 Pts, Financial & IT Stocks Drive Mkt Higher

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Afternoon Session: Sensex Gains 634 Pts, Financial & IT Stocks Drive Mkt Higher

By Malvika Gurung -- Opening on a positive note on Monday, following an uptick in the Asian markets amid improving cues from the Russia-Ukraine peace talks, the domestic benchmark equity indices continued to rise further in the session, with Nifty 50 trading 0.9% higher and BSE Sensex gaining 618 points or 1.12% at 1:15 pm.

Investors across the globe are awaiting the US Fed's policy meeting scheduled on March 15 and 16, expected to raise the interest rate by a quarter-point.

The benchmark gauges are currently trading near the day's higher level, with Nifty exceeding 16,700, as financial, banking and IT, stocks are providing support to the market.

Besides, the government seeks the parliament's go-ahead to spend a net extra of Rs 1.07 lakh crore in FY22, stated a Moneycontrol update, while the WPI inflation for February came in at 13.11%, compared to 12.96% on a month-on-month basis.

At the time of writing, Nifty Media was trading the highest, up 2.45%, while Nifty Realty tanked 1.8%. Nifty Bank was up 1.72% and Nifty IT gained 1.4%.

On the Nifty 50 index, almost half the stocks listed were trading in red, with losses led by Indian Oil (NS: IOC ), ONGC (NS: ONGC ) and Tata Motors (NS: TAMO ), down over 2%, while Infosys (NS: INFY ), HDFC Bank (NS: HDBK ) and SBI (NS: SBI ) gained almost 3%.

On the 30-scrip Sensex, 19 stocks were trading higher.

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