Begin typing your search...

Peace talks buoy optimism on bourses

Sensex rallies over 740 points; Nifty above 17,498 level; Heavy buying in RIL, Infosys, HDFC twins and ICICI Bank; Wall St gains amid progress in Russia-Ukraine talks; Drop in crude oil and commodity prices further support key indices

Peace talks buoy optimism on bourses
X
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo

Mumbai: Extending gains for a third day in a row, benchmark Sensex and Nifty on Wednesday rallied over one per cent to end at over six-week high levels on buying in RIL, Infosys, HDFC twins and ICICI Bank following gains in Asian equities amid hopes of a breakthrough in Russia-Ukraine peace talks.

The 30-share BSE Sensex surged by 740.34 points or 1.28 per cent to settle at over six-week high of 58,683.99, a day ahead of the derivatives expiry on Thursday. As many as 21 of Sensex stocks ended in green. During the day, it jumped 784.13 points or 1.35 per cent to 58,727.78. The broader NSE Nifty climbed 172.95 points or 1 per cent to settle at 17,498.25, the highest closing level since February 10.

"High volatility prevailed in the global market, but peace talks between Russia and Ukraine gave hopes of de-escalation of the war, helping the domestic market to trade with confidence. The ease in crude oil and commodity prices supported the market as it will help corporates to reduce their margin pressure," said Vinod Nair, head (research) at Geojit Financial Services.

Mitul Shah, head (research) at Reliance Securities, added that "Russia-Ukraine peace talks have reinstated optimism among investors."

"Bulls were back in action ahead of the F&O expiry, which helped Sensex close above the crucial 58,000-mark. Investors cheered the reports that both Russia and Ukraine are engaged in peace talks, which is providing some stability to markets globally," said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd.

In the three-day rally, Sensex has soared 2.29 points or 1321 points while 50-issue Nifty has jumped 2 per cent or 345 points to close near the 17,500 level.

Stock Picks

TATA ELXSI: Above Rs9200 with a target of Rs9320 and Stop loss of Rs9100. The stock is in positive momentum and is at the support of 8 and 40 EMA

♦ SRF: Above Rs2720 with a target of Rs2760 and Stop loss of Rs2680. It has a support of 8 EMA and has given a breakout in smaller time frame

♦ BAJFINANCE: Above Rs7300 with a target of Rs7420 and Stop loss of Rs7200. It is at the support of 8 and 40 EMA

♦ AAVAS FINANCIERS: Above Rs2550 with a target of Rs2585 and Stop loss of Rs2520. It has reversed from the recent support zone

♦ LTTS: Above Rs5150 with a target of Rs5225 and Stop loss of Rs5100. It has reversed from the support of 8 and 40 EMA

(Source: Capital-Via)

Bizz Buzz
Next Story
Share it