HomeEconomyStock Market Updates: Sensex Gains 250 pts, Nifty Above 17,150; HCL Tech...

Stock Market Updates: Sensex Gains 250 pts, Nifty Above 17,150; HCL Tech Up 2%

Last Updated: March 22, 2023, 09:29 IST

Sensex Today: Indian indices opened higher on March 22 with Nifty around 17,150. Key indices Nifty50 climbed over 50 points to trade above 17,150 levels, whereas the S&P BSE Sensex advanced over 250 points to trade around 58,361 levels.

The strength spilled across broader markets too, as Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.3 per cent. Volatility gauge, India VIX, meanwhile, slipped over 2 per cent.

All sectors started trade in a positive territory, with Nifty IT index gaining the most – over 1 per cent. While HDFC Life, and SBI Life were the top gainers in the Nifty50 index, Asian Paints, and Coal India were the top laggards.

Among individual stocks, shares of Tata Motors gained over 1 per cent after the automaker hiked prices commercial vehicles (CV) range by 5 percent starting April 1.

Besides, shares of Hindustan Zinc surged over 3 per cent after the company decided to pay Rs 10,990 crore ($1.3 billion) to its shareholders, a fourth dividend this year.

Global Cues

Overnight, the US markets edged higher as investors hoped for an end to the monetary tightening cycle due to the banking sector crisis. Dow Jones, NASDAQ Composite, and the S&P 500 indices surged up to 1.5 per cent.

Asia-Pacific markets, too, climbed in tandem, with Nikkei 225, Kospi, Topix, the S&P 200, Kosdaq, Hang Seng indices rising up to 2 per cent.

In the commodity market, prices of oil recovered from 15-week lows, as investor fears eased post the buyout of embattled Credit Suisse. While Brent Crude declined 0.6 per cent to $74 per barrel, WTI Crude rose 2.5 per cent to $69 per barrel.

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