Sensex: The Indian stock market saw a good rally on Wednesday amid hopes of progress in the ongoing peace talks between Russia and Ukraine. On the basis of all-round buying, the stock market recorded strength for the third consecutive day.
However, US futures and European markets fell again on concerns about volatility in raw material and commodity prices due to doubts over Russia’s promise.
Nifty up 173 points
On the lines of Asian markets, the 30-share Sensex closed at 58,683.99, up 740.34 points or 1.28 per cent. NSE Nifty gained 172.95 points, or 1 per cent, to reach the level of 17,498.25. During the session, the index got maximum support from Reliance Industries, HDFC Bank, HDFC, ICICI.
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Investors wealth increased by 11 lakh crore in March
Investors wealth increased by more than Rs 3 lakh crore on the back of the rally during the last three trading sessions. At the same time, an increase of Rs 11 lakh crore has been registered in the wealth of investors in Dalal Street in the month of March. The wealth of investors is measured by the total market cap of the companies listed on the BSE.
Who was the top gainer in Sensex
Bajaj Finserv was the top gainer in the Sensex with a gain of 3.5 per cent during Wednesday’s trading. On the other hand, other top gainers like PowerGrid, M&M, Bajaj Finance, HDFC, Axis Bank, Maruti registered a strength of 2-3 per cent.
ITC share price: ITC shares up 17% in March, highest in last 16 months
On the other hand, ITC was the top loser in the Sensex with a fall of 2.18 per cent. However, in March, this stock recorded a strength of 17 per cent, which is the biggest gain in 16 months. Thus, ITC has overtaken Godrej Consumer, Nestle, HUL and Dabur. Shares like Tata Steel, Tech Mahindra, Bharti Airtel and Titan also declined.
ONGC Top Loser in Nifty
ONGC was the top loser in the Nifty with a weakness of 5.38 per cent. Hindalco, JSW Steel, Tata Steel were such stocks, which closed in the red mark amid the rally in the stock market.
Sector-wise, IT, Bank, Capital Goods and Realty indices were supported by buying and all gained around 1 per cent. On the other hand, oil and gas, metals and power indices added pressure to the market, falling between 1 and 3 per cent.
Why did the market rise after all?
Vinod Nair, Head of Research, Geojit Financial Services, said, “Global markets remain volatile, but the ongoing peace talks between Russia and Ukraine have raised hopes of de-escalation of tensions. This is returning confidence in the domestic market. The market has also been supported by the softening of crude oil and commodity prices, as it reduces the pressure on the margins of the companies.
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