Benchmark Indices erase early losses, stage pre-interim budget rally
The equity markets were quick to erase early losses as they staged a pre-interim Budget rally on Wednesday.
India’s key equity indices — Sensex and Nifty — extended their gains from the previous to rise marginally in the opening session on Tuesday.
Strong global cues and retreating crude oil prices buoyed the Indian indices.
“Stability in global markets, softening crude and chances of a ceasefire in Ukraine can provide the positive backdrop for this breakout,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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However, high US inflation and an increasingly hawkish US Fed are major headwinds for equity markets globally, said Vijayakumar, adding that he expects volatility in the markets.
Adani Ports, Divi’s Labs, Ultratech Cement, Bharti Airtel, and Cipla were the top five gainers among the Nifty 50 companies, while ONGC, Coal India, Hindalco, ITC, and Tata Steel the top five losers.
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