Sensex and Nifty reverse losses to finish higher; banking and pharmaceutical stocks save the day

Sensex reaches a new closing record

Photo: BCCL

Mumbai: Benchmark Sensex and Nifty stocks rebounded from early losses to settle the day on a higher note on Wednesday despite weak global signals due to renewed geopolitical tensions in Eastern Europe.

The BSE Sensex gauge opened lower following the weaker Asian markets but recovered lost ground and briefly traded above the key 62,000 level. The index eventually closed the session in up 108 points or 0.17% to 61,981. That’s the Sensex’s all-time closing record.

Similarly, the benchmark NSE Nifty50 rose 6.25 points or 0.03% to end at 18,410 – marking its new 52-week high.

On the Sensex chart, Kotak Bank, Dr Reddy’s, HUL, Bharti Airtel, HDFC Bank and HDFC were strong gainers – rising up to 2.80%.
In contrast, Bajaj Finance, Tata Steel, Bajaj Finserv, NTPC and IndusInd Bank closed as losers.

“Given the Nifty is only about 1% off all-time highs, a final dash to a new all-time high could occur at any time. Profit booking and correction are likely after that. Given that the engines In the banking and IT sector, small and mid caps are unlikely to participate in the current rally Investors can stick to quality Two Russian missiles landing in Poland killing two civilians emerged as a new short-term concern about the escalating war in Ukraine,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Elsewhere in Asia, stocks fell after an explosion in Poland that Ukrainian and Polish authorities said was caused by a Russian-made missile. Concerns over a possible spike in geopolitical tensions led to a 1% drop in MSCI’s broadest index of Asia-Pacific stocks outside Japan.

Hong Kong’s Hang Seng index lost 1.1% and China’s CSI 300 fell 0.4% at the lunch break. US equity futures, the S&P 500 e-minis, fell 0.2%.

At the start of European trade, pan-regional Euro Stoxx 50 futures lost 0.9%, German DAX futures fell 1% and FTSE futures fell 0.5%.

NATO member Poland said on Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russia’s ambassador to Warsaw for an explanation. after Moscow denied responsibility.