Sensex Surges 280 Points, Nifty Approaches 22,250; BPCL, Power Grid Up 3%

Stocks in the domestic market made gains on Thursday, rebounding from a recent downturn despite lingering concerns over geopolitical tensions and uncertainties regarding U.S. interest rates. The 30-scrip barometer, Sensex, rose by 0.36% or 259.18 points to reach 73,202.86, while the NSE Nifty climbed by 0.43% or 94.8 points, closing at 22,242.7.

The ongoing tension between Iran and Israel in the Middle East continued to impact global stock markets, creating a sense of caution among investors. Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that until clarity emerges on the situation, markets are likely to remain subdued. The recent drop in crude oil prices, however, reflects some easing of concerns regarding an escalation of conflict.

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Dr. Vijayakumar highlighted that the market is adjusting to the prospect of sustained higher interest rates in the U.S. due to persistent inflation. Expectations are leaning towards two rate cuts later in the year, although possibly in the latter part. This sentiment has led to increased selling pressure from foreign institutional investors (FIIs), particularly affecting large-cap stocks. Nonetheless, there may be opportunities for investors to accumulate quality large-cap stocks amidst the market turbulence.

In the broader market, Nifty Micap 100 and Smallcap 100 indices showed nearly one percent gains, while Nifty Bank rose by 0.52% to 47,730.85.

Several stocks were in focus, with Angel One, Just Dial, ICICI Lombard, Tata Communications, Vodafone Idea, Paytm, Brigade Enterprises, and IIF Finance witnessing notable movements. Angel One shares surged by over 4% following mixed Q4 results, while Just Dial shares rose over 8% on strong quarterly performance. ICICI Lombard shares gained over 2% after reporting better-than-expected Q4 numbers. Tata Communications shares also saw an increase of over 1% despite mixed results. Vodafone Idea shares rose over 2% ahead of its FPO opening. Paytm shares increased over 1% following NPCI approval for bank transfers. Brigade Enterprises shares surged over 4% after recording record pre-sales in Q4. Similarly, IIF Finance shares rose over 2% after announcing a rights issue.

Internationally, Asian markets showed mixed trends, with slight gains observed amid cautious optimism. The dollar paused its recent gains, while bond markets stabilized as investors assessed the interest rate landscape. Oil prices remained under pressure, driven by concerns over demand and the lack of immediate response to geopolitical tensions.

In summary, the domestic market displayed resilience despite external uncertainties, with investors closely monitoring global developments for potential impacts on market sentiment.

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