Markets extend gains: NIFTY50 and SENSEX jump 0.5%; Mid and small-cap shares outperform

The top gainers on Nifty were Tata Steel, up 3.43%, Bajaj Finance, up 3.15%, Cipla, up 2.62%, Trent, up 2.54%, and Bajaj Finserv, up 2.30%.

Indian equity indices maintained their gains in the mid-market session as market participants indulged in adding their positions. Broad-based buying was witnessed in the markets, and apart from the blue chips, the broader markets also participated in the rally. The small cap index and BSE Midcap index gained 0.65-1.15%.

Strong buying in Tata Steel, Bajaj Finance, Bajaj Finserv, Zomato, and Kotak Mahindra Bank stocks helped the markets maintain their gains.

Falling crude oil prices supported domestic sentiments. Oil prices dropped on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows. Further, sentiments also remained upbeat as India's consumer price index (CPI)-based retail inflation fell to a five-month low of 4.31% in January from 5.22% in December, thus raising hopes for another repo rate cut by the Monetary Policy Committee (MPC) during its April meeting.

On the global front, Asian markets were trading mostly in green despite raising fears of a brewing global trade war and its impact on inflation. Back home, all the sectoral indices were trading in green led by Metal, Telecom, Realty, PSU and Basic Materials.

The SENSEX traded at 76615.47, up by 444.39 points or 0.58% after trading in a range of 76013.43 and 76687.64. The index had 27 stocks advancing and 3 stocks declining.

The NIFTY50 traded at 23196.90, up by 151.65 points or 0.66% after trading in a range of 22992.20 and 23209.00. The index had 44 stocks advancing and 6 stocks declining.

Asian markets were trading mostly in green; Hang Seng advanced 522.51 points or 2.33% to 22,380.43; Shanghai Composite strengthened 7.24 points or 0.22% to 3,353.63, KOSPI increased 30.38 points or 1.18% to 2,578.77, Nikkei 225 surged 553.23 points or 1.4% to 39,516.93 and Taiwan Weighted added 109.66 points or 0.47% to 23,399.41. However, Jakarta Composite plunged 60.04 points or 0.91% to 6,585.74, Straits Times fell 0.31 points or 0.01% to 3,874.31.