Sensex Surges 708 Points, Nifty Settles Above 17,650; Bank, Power Companies Climb

Sensex and Nifty settled on a higher note today.New Delhi: The Indian equity benchmarks on Friday finished the week on a higher note, led by gains in banking and power companies’ stocks. The domestic indices fell during initial deals today but soon turned positive, bucking a downtrend in Asian markets. Asian stocks traded lower on worries about the impact of the Russian-Ukrainian war and rising risks of a recession.Back home, the 30-share BSE Sensex zoomed 708 points or 1.21 per cent to close at 59,277, while the broader NSE Nifty moved 206 points or 1.18 per cent higher to settle at 17,670.Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 index rose 1.49 per cent lower and small-cap gained 1.68 per cent.13 out of the 15 sector gauges — compiled by the National Stock Exchange — ended in the green. Nifty Bank and Nifty Financial Services outperformed the index by rising as much as 2.13 per cent and 1.87 per cent, respectively.On the stock-specific front, power producer NTPC was the top Nifty gainer as the stock soared 5.78 per cent to Rs 142.80. Power transmission firm PowerGrid Corp climbed 3.99 per cent. BPCL, IndusInd Bank and HDFC were also among the gainers.The overall market breadth stood positive as 2,732 shares advanced while 663 declined on BSE.On the 30-share BSE index, NTPC, PowerGrid, IndusInd Bank, SBI, HDFC twins (HDFC and HDFC Bank), M&M, Bajaj Finance and Wipro were among the top gainers.In contrast, Tech Mahindra, Dr Reddy’s, Titan, Sun Pharma and Infosys settled in the red.Also, Hero MotoCorp fell as much as 2.39 per cent amid Income Tax (I-T) raid concerns.



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