SENSEX surges over 1,150 points, NIFTY50 above 23,200; Here are key things to know

The Indian equity benchmarks staged a gap up opening and extended gains on Wednesday, March 25, mirroring strong surge in Asian peers as investor sentiment improved after crude oil prices dropped below $100 per barrel in international markets.

The SENSEX surged as much as 1,162 points and NIFTY50 index was trading firmly above its important psychological level of 23,200 led by gains in index heavyweights like HDFC Bank, ICICI Bank, State Bank of India, Mahindra & Mahindra, Axis Bank and Bajaj Finance.

As of 9:54 am, the SENSEX was up 1,152 points at 75,227 and NIFTY50 index advanced 320 points to 23,233.

Asian shares surge as crude drops

Asian markets were trading sharply higher on Wednesday as correction crude oil gave a sigh of relief to market participants who were concerned that fears of spiralling inflation might hurt corporate earnings going ahead.

Japan's Nikkei surged 2.5%, Australia S&P/ASX 200 index climbed 1.94%, China's Shanghai Composite gained 1.13%, Hong Kong's Hang Seng advanced 0.85% and South Korea's KOSPI rose 2.29%.

Crude oil prices dropped below $95 a barrel after the Trump administration offered a 15-point ceasefire plan to Iran. The plan was submitted to Iran by intermediaries from Pakistan, who have offered to host renewed negotiations between Washington and Tehran, AP reported.

Sectoral action

All sector major sector gauges compiled by the National Stock Exchange (NSE), barring the measure of IT shares, were trading higher led by the NIFTY Realty index's 4% gain, NIFTY Bank, Auto, Metal, Financial Services, Consumer Durables, Private Bank and PSU Bank indices also rose between 1.8% and 2.44%.

Broader markets were outperforming their larger peers as NIFTY Midcap 100 index advanced 2.2% and NIFTY Smallcap 100 index climbed 2.5%.

Among the individual shares, PG Electroplast shares advanced as much as 8.88% after the company informed exchanges that its production facility for room air conditioners has been normalized as it was able to install alternative solution to LPG for production of ACs.

NIFTY50 gainers and losers

Shriram Finance was top gainer in the NIFTY50 index, the stock rose 4.12% to ₹941. Trent, Grasim, Adani Ports, Adani Enterprises, Bajaj Finance, JSW Steel, Ultratech Cement and HDFC Bank also rose between 2.56% and 3.62%.

On the flip side, Tech Mahindra, Infosys, Tata Consultancy Services, HCL Tech, Coal India and ONGC were among the notable laggards in the NIFTY50 index.

The overall market breadth was extremely positive as 2,576 shares were advancing while only 262 were declining on the NSE.

Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.