Sensex, Nifty rally in early trade; breadth strong

Equity indices are trading with strong gains after seeing gap-up opening amid positive global cues. Auto, banking, information technology and realty stocks led the rally. The Nifty moved above the 16,900 mark.

At 9:25 IST, the barometer index, the S&P BSE Sensex, jumped 832.02 points or 1.49% at 56,608.87. The Nifty 50 index rallied 248.7 points or 1.49% at 16,911.30.

Broader markets also participated in the rally. The S&P BSE Mid-Cap index jumped 1.36% while the S&P BSE Small-Cap index rallied 1.46%.

Buyers outnumbered the sellers. On the BSE, 2,213 shares rose and 428 shares fell. A total of 69 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,249.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 98.25 crore in the Indian equity market on 15 March, provisional data showed.

Stocks in Spotlight:

Zomato fell 0.07%. The company said its board of directors approved acquisition of securities in Mukunda Foods Private Limited for an aggregate cash consideration of INR equivalent of US$5 million and grant of loan up to INR equivalent of US$150 million to Grofers India Private Limited.

Shyam Metalics and Energy advanced 3.23% to Rs 318.30 after the company said that the board has approved setting up of further capacities at its integrated units in Sambalpur and its material subsidiary`s plant at Jamuria. The aim of the capital expenditure is to capitalize business synergies and add facilities for continued cost leadership. The steel maker said that an aggregate amount of Rs 990 crore is will be arranged from cash flows generated from internal accruals.

Global markets:

Asian markets were mostly higher on Wednesday, though markets in mainland China struggled to recover amid the Covid resurgence in the country. China grapples with its most severe Covid outbreak since the height of the pandemic in 2020, with major cities scrambling to limit business activity.

US stocks rallied on Tuesday as oil prices continued to drop further below $100 on hopes of an end to the conflict in Ukraine.

The gains came as traders continued to eye the latest with ceasefire negotiations in Ukraine and China Covid lockdowns that could wreak havoc on tech supply chains. Investors are anticipating a big Federal Reserve monetary decision Wednesday, in which the central bank is expected to hike rates by a quarter point, its first hike since 2018.

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