Market rises for fifth session: Sensex zooms 935 points, Nifty closes above 16,850 amid mixed global cues

Benchmark indices Sensex and Nifty closed higher for the fifth straight session today, led by gains in banking and IT stocks. A fall in global crude oil prices also aided positive market sentiment today. Brent crude oil, the standard for international pricing, declined $2.63 to $110.04 per barrel.

Sensex closed 935 points higher at 56,486 and Nifty zoomed 240 points to 16,871. Infosys, HDFC Bank , State Bank of India, Maruti, Axis Bank, and ICICI Bank were the top Sensex gainers, rising up to 3.76 per cent.

HUL, Sun Pharma, Dr Reddy's Laboratories and Tata Steel were the only Sensex losers, falling up to 1.66%. BSE mid-cap and small-cap indices gained 4 points and 85 points, respectively.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "We are of the view that as long as Nifty is trading above 16700, the uptrend  will continue in the near future. For the bulls, immediate hurdle would be 17000 or 200 Day SMA. On the downside, below 16700 strong possibility of quick intraday correction on the Nifty is not ruled out. Below 16700 Nifty could retest 16620 and 16550."

Market breadth was positive with 1748 shares trading higher against 1,724 stocks falling into red. 140 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 254.26 lakh crore. Banking and IT shares were the top sectoral gainers, with BSE bankex zooming 913 points and BSE IT index gaining 756 points today.

Share Market updates: Sensex rises 935 pts, Nifty ends above 16,850; banks, IT top gainers

On Friday, market ended higher amid the ongoing Russia-Ukraine war. Sensex jumped 369.56 points to 55,833.95 intraday. The index closed at 55,550.30, higher by 85.91 points or 0.15 per cent. Nifty gained 35.55 points or 0.21 per cent to close at 16,630.45. Sun Pharma, Dr Reddy's, PowerGrid, ITC and Titan were among the top Sensex gainers, rising up to 3.82%.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 2,263.9 crore on a net basis on Friday, according to exchange data.

Global markets

Global indices were trading mixed today. Benchmarks rose in Frankfurt, Paris and Tokyo and US futures were higher. Oil prices retreated against the backdrop of uncertainty from the war in Ukraine. Germany's DAX advanced 1.8% to 13,879.27, while the CAC 40 in Paris picked up 0.6% to 6,293.04.

Britain's FTSE 100 was almost unchanged at 7,152.08. The Hang Seng index dipped 5.4% but regained some lost ground to close 5% lower at 19,531.66. The Shanghai Composite index slipped 2.6% to 3,223.53. 

In Asia, Tokyo's Nikkei 225 index rose 0.6% to 25,307.85 and the S&P/ASX 200 in Australia gained 1.2% to 7,149.40. South Korea's Kospi lost 0.6% to 2,645.65.