Sensex, Nifty rise in early trade

A man walks past the BSE bull at Bombay Stock Exchange in Mumbai. File photo
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty gained in early trade on Tuesday, March 14, 2023. despite weak global cues.

Amid volatile trading, the 30-share BSE Sensex surged 205.55 points or 0.35 per cent to 58,443.40 points while the broader NSE Nifty rose 44 points or 0.26 per cent to 17,198.30 points.

In the Sensex pack, 20 stocks were trading in the green while 10 declined. Titan, Bharti Airtel and L&T were among the major gainers.

Most Asian markets were trading lower on Tuesday as investors continued to grapple with the fallout of bank failures in the US. Silicon Valley Bank and Signature Bank have collapsed, sparking concerns of a financial contagion amid central banks hiking rates to tame inflation.

In a pre-market note, Deepak Jasani, Head of Retail Research at HDFC securities, said Indian markets could open flat to marginally up, despite mostly negative Asian markets today and largely lower U.S. markets on Monday.

Sensex and Nifty have declined for three straight sessions and on Monday, Sensex crashed 897.28 points or 1.52 per cent to settle at 58,237.85 points. Nifty tanked 258.60 points or 1.49 per cent to end at 17,154.30 points.

Both indices closed at their lowest levels in five months.

According to Jasani, investors reassessed the outlook for interest rates after the collapse of Silicon Valley Bank in California and New York’s Signature Bank, which left regional bank shares under heavy pressure.

On Monday, European market and most US stocks closed in the red.

Foreign Institutional Investors (FIIs) were net sellers on Monday, offloading domestic equities worth ₹1,546.86 crore, according to exchange data.