Last updated: March 17, 2023, 9:31 AM IST
Why is the stock market rising today?
Sensex Today: Indian indices opened positive on March 17 with Nifty above 17,100.
Sensex Today: Indian indices opened positive on March 17 with Nifty above 17,100. Major indices Nifty50 climbed more than 100 points to trade above 17,100 levels, while the S&P BSE Sensex rose more than 400 points to trade around 58,078 levels.
Broader markets also moved higher in trading as Nifty MidCap 100 and Nifty Smallcap 100 indices rose to 0.9 percent. The volatility index, India VIX, meanwhile fell more than 5 percent.
Apart from the Nifty Media index, all other sector indices were swimming in the sea of green. Nifty Metal and Nifty PSU Bank indices led the charge.
Among individual stocks, shares of Tata Consultancy Services (TCS) fell into the red after Managing Director and Chief Executive Officer Rajesh Gopinathan tendered his resignation.
In addition, shares of Hindustan Aeronautics (HAL) rose more than 4 percent after the Defense Acquisition Council (DAC) approved arms procurement capital purchase worth Rs 70,500 crore.
Global signals
Asian markets extended a risk rally on Wall Street on Friday to end a tumultuous week in which a looming banking crisis sent bond yields plummeting as market participants sharply cut expectations of future rate hikes in Western economies.
Shares in Tokyo opened higher on Friday, supported by US rallies over abated bank default concerns and gains in stocks after the European Central Bank hiked rates. while the broader Topix index added 0.68 percent, or 13.11 points, to 1,950.21.
A strong rally in financials helped major Wall Street indices close positive Thursday after some of the country’s largest lenders came to the rescue of embattled First Republic Bank.
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