Sensex, Nifty at day`s high; breadth turns positive

The benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. The sectoral indices on the NSE rallied across the board. The Nifty edged towards 17,200 level.

At 14:30 IST, the barometer index, the S&P BSE Sensex, soared 1,580.86 points or 2.80% at 57,986.70. The Nifty 50 index surged 338.85 points or 2.01% at 17,181.65.

In the broader market, the S&P BSE Mid-Cap index rose 2.12% while the S&P BSE Small-Cap index gained 1.47%.

The market breadth turned positive. On the BSE, 1,890 shares rose and 1,441 shares fell. A total of 95 shares were unchanged.

Value buying emerged after the Nifty slumped 4.33% in the past two sessions. The sentiment was impacted by weak global cues on account on Russia-Ukraine tensions. Firm crude oil prices and continuous selling of domestic equities by foreign portfolio investors also put pressure on shares.

Economy:

India`s retail inflation jumped to 6.01% in January 2022 as compared to 5.56% in December 2021. As per the Ministry of Statistics and Programme Implementation data, rate based on the Consumer Price Index (CPI) Inflation in food and beverages rose to 5.58% compared to 4.5% in December. However, on a month-on-month basis, retail inflation fell by 0.3%.

The inflation print for January 2022 is along expected lines, with Reserve Bank of India (RBI) Governor Shaktikanta Das saying earlier that it was likely to come in around the 6% mark.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.695% as compared with 6.667% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.49, compared with its close of 75.60 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.03% to Rs 49,900.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.25% to 96.13.

In the commodities market, Brent crude for April 2022 settlement fell $1.31 at $95.17 a barrel.

Buzzing Index:

The Nifty Bank index rose 2.04% to 37,660.40. The index lost 5.38% in the past two trading sessions.

Bandhan Bank (up 3.32%), AU Small Finance Bank (up 2.69%), Kotak Mahindra Bank (up 2.46%), HDFC Bank (up 2.22%) and State Bank of India (SBI) (up 2.15%) were the top gainers in the Bank segment.

IndusInd Bank rallied 2.23%. The bank was empanelled by the Small Farmers Agri-Business Consortium (SFAC) to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for the transactions between farmers and traders across India. IndusInd Bank has been directly integrated with e-NAM platform to provide safe and hassle-free payments, clearing and settlement services to the farmers and traders. Under this arrangement, the bank will offer an array of transaction services through digital modes including multi-net banking, debit card, NEFT, RTGS, IMPS and UPI to the buyer and seller of the agriculture produce.

Global Markets:

European stocks made a sharp recovery while most Asian stocks declined on Tuesday as global investors continued to monitor the geopolitical situation in Ukraine.

Japan`s economy expanded 5.4% on an annualized basis in the final quarter of 2021, according to government data released on Tuesday.

The media reported that over 10,000 Russian troops have been returning to their permanent bases after month-long drills near Ukraine. The drills were held in several regions near Ukraine, including in Crimea, which Russia annexed in 2014, as well as in the southern Russian regions of Rostov and Kuban. Russia`s deployment of tens of thousands of troops to the north, east and south of Ukraine had fuelled fears in Kyiv and Western capitals that Moscow was planning an attack.

Russian President Vladimir Putin and German Chancellor Olaf Scholz will hold talks in Moscow today as diplomatic efforts ramp up amid fears that Russia could invade Ukraine in the coming days, a claim the Kremlin has repeatedly denied.

The United States on Monday ordered the closure of its embassy in Kyiv and ordered the relocation of staff to the western Ukrainian city of Lviv, citing the "dramatic acceleration in the buildup of Russian forces" at Ukraine`s border.

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