Stock Market Updates: Sensex Jumps Nearly 500 pts, Nifty Above 17,100; HAL Up 4%

Sensex Today: Benchmark indices ended higher in the volatile session on March 17 with Nifty at 17,100.

The S&P BSE Sensex gyrated in a range of 675 points, the index from a high of 58,179 slipped into red to a low of 57,504. The BSE benchmark finally ended 355 points higher at 587,990.

The NSE Nifty 50 advanced 114 points as it reclaimed the 17,100 level.

Among the Sensex 30 stocks, HCL Technologies soared over 3.5 per cent. UltraTech Cement, Nestle and Kotak Bank were the other major gainers, up over 2 per cent each. Tata Steel, ICICI Bank, HDFC, HDFC Bank, Bharti Airtel, Infosys, SBI and Wipro were the other significant gainers.

TCS swung between zones and finally ended a tad in red at Rs 3,172, a day after its CEO & MD Rajesh Gopinathan resigned. Analysts caution against the near-term volatility in the stock price as the development comes amid a challenging macro-environment including fears of a potential recession in the US.

Global Cues

Asian markets extended a risk rally on Wall Street on Friday to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies.

Tokyo stocks opened higher on Friday, supported by US rallies on eased concern over bank failures and jumps in stocks after the European Central Bank lifted rates.The benchmark Nikkei 225 index was up 0.69 per cent, or 186.12 points, to 27,196.73 in early trade, while the broader Topix index added 0.68 per cent, or 13.11 points, to 1,950.21.

A strong rebound by financials helped Wall Street’s main indexes close firmly positive on Thursday, after some of the country’s largest lenders came to the rescue of embattled First Republic Bank.

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