Nifty is trading above 17,250 in early trade.
Nifty is trading above 17,250 in early trade.
Equity benchmark Sensex jumped 423.14 points in early trade on Thursday, April 21, 2022, led by strong gains in index majors Reliance Industries, Bajaj Finserv and Asian Paints amid a mixed trend in global markets.
The BSE benchmark Sensex was trading 423.14 points higher at 57,460.64. Nifty closed 117.25 points higher at 17,253.80.
IndusInd Bank, Reliance Industries, Asian Paints, Bajaj Finserv, Dr Reddy’s and M&M were the major gainers on the 30-share Sensex pack.
In contrast, Nestle, Tata Steel, HCL Technologies and Axis Bank were among the laggards.
The BSE Sensex closed 574.35 points or 1.02 per cent higher at 57,037.50, ending its five-day decline on Wednesday. The NSE Nifty rose 177.90 points or 1.05 per cent to 17,136.55.
Meanwhile, in Asia, markets in Tokyo and Seoul were trading in the green, while Hong Kong and Shanghai were trading lower in mid-session deals.
Shares in the US closed with a mixed trend on Wednesday.
‘Markets reaction’
“Markets often overreact both up and down. As prudence sets in, prices tend to normalise. Increased valuations of IT stocks, especially in the mid-cap space, make for excellent results and good earnings visibility. The result was a greater market reaction.
According to VK Vijayakumar, chief investment strategist, “A slight gloom in expectations turns the pendulum on the other side, a fall in prices. Despite some margin pressure in IT, the results for mid-cap IT stocks suggest that earnings momentum is strong.” ” Geojit Financial Services.
Similarly, relentless selling in HDFC twins by FIIs and shorting by bears swimming with FII inflows has created another case for depressing prices to fundamentally unreasonable levels, he added.
International oil benchmark Brent crude rose 1.16 per cent to $108 a barrel.
Foreign institutional investors continued selling shares worth a net ₹3,009.26 crore on Wednesday, according to stock exchange data.