Sensex up 985 points intraday, Nifty above 16,100

BL Mumbai Bureau | | Updated on: May 17, 2022
Market opened on a positive note amid gains in the Asian markets

Market opened on a positive note amid gains in the Asian markets

All sectoral indices in green as Metals shine; Broader market gains

Benchmark indices were trading nearly 2 per cent higher during the afternoon on Tuesday.

Market opened on a positive note amid gains in the Asian markets. Indices extended gains in the first half and were trading higher in the afternoon amid broad-based buying.

At 1 pm, the BSE Sensex was trading at 53,958.92, up 985.08 points or 1.86 per cent. It recorded an intraday high of  54,015.00 and a low of 53,176.02. The Nifty 50 was trading at 16,150.80, up 308.50 points or 1.95 per cent. It recorded an intraday high of 16,169.30 and a low of 15,900.80.

The volatility index softened 1.97 per cent to 24.04.

Hindalco, Coal India, ONGC, Tata Steel and JSW Steel were the top gainers on the Nifty 50. Only four stocks - Cipla, Tech Mahindra, Tata Consumer and Dr Reddy’s - were in the red.  

The major event of the day was the listing of the mega LIC IPO, which listed at a discount. At 1 pm, LIC was trading at ₹886.60 a ₹62.40 or 6.58 per cent discount against the issue price of ₹949.

According to Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Markets will remain highly volatile in the short term. High inflation and Fed tightening will continue to be short-term challenges for the market.”

“In the medium-term, there is a possibility of inflation peaking off and if that happens the central banks may not tighten as much as the market fears now. In such a scenario markets can bounce back sharply. But this is some time away. In the near-term the market is likely to remain weak amidst high volatility,” Dr Vijayakumar said.

All in green

All sectoral indices were trading in the green with metals recording highest gains.

Nifty Metal was up over 5 per cent while Nifty Oil & Gas was up nearly 3 per cent. Nifty Auto, Nifty IT and Nifty FMCG were each trading nearly 2 per cent higher. Nifty Private Bank was up 1.5 per cent. Nifty Bank, Nifty Financial Services and Nifty Consumer Durables were each up over 1 per cent while Nifty PSU Bank was up 1 per cent. 

Broader indices

Broader indices were also trading in the green.

The Nifty Midcap 50 was up 1.27 per cent while the Nifty Smallcap 50 was up 1.75 per cent. The S&P BSE Midcap was up 1.44 per cent while the S&P BSE Smallcap was up 1.68 per cent.

Published on May 17, 2022
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