Indian shares are up firmly in positive territory after a bright start Friday morning with investors indulging in some hectic bargain hunting after yesterday’s severe setback.
The splendid rebound on Wall Street overnight, and gains in Asian markets today set up the stage for Indian stocks this morning. Markets had taken a beating on Thursday on rising worries about geopolitical tensions after Russia declared a war on Ukraine and launched a full-scale military attack.
Condemning the move, several nations, including the U.S., announced sanctions against Russia, and also warned of more severe actions against it.
Metal, bank, power, realty, information technology and automobile stocks are up with handsome gains. The market breadth is pretty strong.
The 30-share BSE Sensex is up 1284.93 points or 2.54 percent at 55,914.89, after climbing to 55,984.59. The broader Nifty index of the National Stock Exchange is up 427.10 points or 2.63 percent at 16,675.05.
On Thursday, the Sensex and the Nifty went down by as much as 4.72 percent and 4.78 percent, respectively, amid rising worries about geopolitical tensions after Russia declared a war on Ukraine and launched a full-scale military attack on the country.
Tata Steel is up nearly 5 percent. IndusInd Bank is gaining 4.8 percent, while Bajaj Finance, Tech Mahindra, Bajaj Finserv, ICICI Bank, Axis Bank, Tata Consultancy Services and NTPC are up 3 to 4.5 percent.
Wipro is up nearly 4.5 percent after the company said that it will be hiring more than 500 new professionals over the next financial year to support growth in delivering cloud solutions to clients.
Infosys is gaining about 1.8 percent. The company has launched Infosys metaverse foundry to ease and fastrack enterprises’ exploration of the metaverse.
HDFC, ITC, HCL Technologies, State Bank of India, Bharti Airtel, UltraTech Cement, HDFC Bank and Kotak Bank are also up sharply.
Nestle India and Hindustan Unilever are down with marginal losses.
Tata Motors, up nearly 8 percent, is the top gainer in the Nifty index. Adani Ports is gaining 5.8 percent, Coal India is up 4.7 percent, JSW Steel is rising 4.5 percent and UPL is moving up 4.35 percent.
Tata Consumer Products, Divi’s Laboratories, Hero Motocorp, Indian Oil Corporation, Grasim Industries, Shree Cement and Mahindra & Mahindra are up 2 to 4.3 percent.
Linde India shares are up more than 4 percent after the company reported a 19.4 percent surge in net profit in the fourth quarter ended December 2021.
An upward revision in India’s growth forecast by Moody’s Investors Service is also supporting investor sentiment this morning. Moody’s raised its GDP growth forecast for India to 9.5 percent for the current calendar year from 7 percent earlier, citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the Covid-19 pandemic in mid-2021.
The GDP growth forecast for 2023 has been retained at 5.5 percent. In November 2021, Moody’s had forecast India’s economy will grow by 7.9 percent in financial year 2022-23.
Market Analysis
Sensex, Nifty Up Sharply As Stocks Rebound After Recent Massive Sell-off
2022-02-25 05:12:24
