Sensex Gains, Posts 7-Week Closing High; Investors Gain Rs 11 Lakh Cr in March

  • Stock Market News
Sensex Gains, Posts 7-Week Closing High; Investors Gain Rs 11 Lakh Cr in March
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices ended higher for the third straight session on Wednesday, as progress in peace talks between Russia and Ukraine boosted investor sentiments, aided by an overnight rally on Wall Street, and lowered oil and commodity prices.

Despite global volatility, the domestic benchmark gauges Nifty 50 ended 0.9% higher, its highest since Feb 15, and BSE Sensex gained 740.3 points or 1.3%, its most since February 10.

Strong gains in financial, banking, auto and realty stocks, among others provided support to the market, while metal scrips turned sour amid falling commodity prices.

Over the past three sessions, investors on Dalal Street have gained more than Rs 3 lakh crore, at par with the rising equities, and despite being a volatile month, investors in the domestic market grew richer by Rs 11 lakh crore, so far in March.

On the sectoral front, except indices Nifty Metal and Nifty Pharma , all indices on the Nifty basket ended higher, led by Nifty Media rising 2.3%. Nifty Financial Services surged 1.96% and Nifty Bank advanced 1.36%.

64% of stocks listed on the Nifty ended higher, led by HDFC (NS: HDFC ) Life Insurance (NS: HDFL ), Bajaj Finserv (NS: BJFS ) and Tata Consumer Products (NS: TACN ), rising 3-3.5%, while ONGC (NS: ONGC ), Hindalco Industries (NS: HALC ) and JSW Steel (NS: JSTL ) tumbled the most, from 4-5.5% each.

On the domestic front, the scheduled monthly expiry of March month derivatives contracts will keep volatility high in the market, so traders are advised to plan accordingly, and maintain a positive but cautious stance, states an analyst at Religare Broking.

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