Stock market midday report: Sensex up 1,402 points, Nifty around 16,700

Benchmark equity indexes maintained their upward momentum in midday trading due to purchasing in front-line counters and adopting cues from overseas peers in the rock-solid session of trade. A slew of punitive sanctions imposed by the US and other nations on Russia provided some solace to concerned investors.

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On the global front, Asian markets were trading mostly higher with Taiwan Weighted strengthened 57.63 points or 0.33% to 17,652.18, Shanghai Composite gained 12.98 points or 0.38% to 3,442.94, KOSPI rose 29.26 points or 1.1% to 2,678.06, Jakarta Composite soared 62.46 points or 0.92% to 6,880.28, Nikkei 225 surged 505.68 points or 1.95% to 26,476.50 and Straits Times was up by 19.07 points or 0.58% to 3,295.13. On the flip side, Hang Seng was down by 107.03 points or 0.47% to 22,794.53.

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The Sensex is presently trading at 55,932.68, up 1,402.77 points or 2.57% from a low of 55,299.28 and a high of 56,183.70. The index’s 30 stocks are all advancing.

The top gainers on the Sensex were Tata Steel up by 5.96%, Indusind Bank up by 4.98%, Bajaj Finance up by 4.71%, Tech Mahindra up by 4.30% and Axis Bank was up by 4.15%, while there was no loser on the Sensex.

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The broader indices were trading in green with the BSE Midcap index rising 3.88%, while the Small cap index was up by 3.77%. The top gaining sectoral indices on the BSE were Metal up by 5.71%, Realty up by 4.53%, Basic Materials up by 4.31%, Power up by 3.92% and Utilities was up by 3.79%, while there were no losers on the BSE sectoral front.

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The Nifty is presently trading at 16,688.10, up 440.15 points or 2.71% after moving between 16,478.30 and 16,748.80. On the index, 48 equities advanced while only two declined.

The top gainers on Nifty were Tata Motors up by 7.99%, Adani Ports up by 6.38%, Tata Steel up by 6.17%, Tata Consumer Products up by 5.09% and JSW Steel was up by 5.04%. On the flip side, Britannia Inds down by 0.61% and Nestle down was by 0.07% were the only losers.