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Sensex, Nifty rally in early trade on upbeat global cues

Published on Mar 17, 2022 09:33

Equity indices are trading on a strong note after an initial rally on upbeat global stocks. The Nifty hovered at the 17,200 mark. All sectoral indices on the NSE were trading in the green.

At 9:31 IST, the barometer index, the S&P BSE Sensex, jumped 784.78 points or 1.38% at 56,601.87. The Nifty 50 index rallied 213.85 points or 1.26% at 17,189.30.

In the broader market, the S&P BSE Mid-Cap index jumped 1.33% while the S&P BSE Small-Cap index rallied 1.02%.

Buyers outnumbered sellers. On the BSE, 2,265 shares rose and 1,168 shares fell. A total of 101 shares were unchanged.

Stocks in Spotlight:

Godrej Properties gained 3.04%. The realtor announced that it sold 855 homes worth Rs 1,650 crore within a year of the launch of their project, Godrej Woods in Noida in March 2021, which includes a sales of Rs 509 crore in March 2021 and Rs 1,141 crore in FY22 YTD.

Allcargo Logistics rose 2.50% to Rs 319.95. The company`s board on Wednesday (16 March) declared an interim dividend of Rs 3 per share. The interim dividend will be paid to all shareholders of the company on or after 26 March 2022, whose names are registered as shareholders of the company as on the record date i.e. Friday, 25 March 2022.

Global Markets:

Asian stocks were trading higher on Thursday following overnight gains on Wall Street, while the US Federal Reserve announced its first rate hike in more than three years.

US stocks rallied in a wild session after the Federal Reserve raised rates and said it would hike another six times this year.

The Fed announced at the conclusion of its two-day meeting Wednesday that it will increase short-term interest rates by a quarter of a percentage point, a well-telegraphed move by the central bank as it seeks to control surging inflation. The Fed forecast a consensus funds rate of 1.9% by year`s end, which would mean a hike at each of the remaining central bank meetings this year.

Fed Chair Jerome Powell, speaking after the end of the two-day policy meeting, said the economy is strong enough to weather the rate hikes and maintain its current strong hiring and wage growth. He further added that the Fed needs to now focus on limiting the impact of price increases on American families.

Meanwhile, the International Court of Justice (ICJ) ordered Russia on Wednesday to stop the military actions it started in Ukraine on February 24. "The Russian Federation shall immediately suspend the military operations that it commenced on February 24 in the territory of Ukraine," the court said. The judges added Russia must also ensure that other forces under its control or supported by Moscow should not continue the military operation.

Crude oil lost ground for the fifth time in the last six days on Wednesday as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in US inventories.

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