Home / Markets / Stock Markets /  Bank Nifty surges 2%, Nifty rises above 17,650

Indian stock markets were firm today in afternoon trade with financial stocks powering the gains. A dip in oil prices also supported Indian markets. The Sensex was up nearly over 700 points to 59,262. while Nifty was above 17,650. Global markets were mixed today  on worries about the Russia-Ukraine war and recession risks.  European buyers of Russian gas faced a deadline to start paying in roubles on Friday, while negotiations aimed at ending the five-week war were set to resume even as Ukraine braced for further attacks in the south and east.

The Nifty Bank index rose over 2% today to climb above 37,000 with HDFC Bank also rising over 2%.  The broader markets were also firmly in the green with BSE midcap and smallcap indices rising 1% and 1.6% respectively.

“Globally too, equity markets remained broadly resilient led by optimism on progress in Russia-Ukraine negotiations. On the other hand, commodities saw some correction from the recent highs. In India, markets saw broad based gains with most sectoral indices giving positive returns. Crude oil prices corrected this week and that is some positive for import dependent countries including India. Commodity price movements, inflation numbers and Central bank policy decisions are few key factors that will likely weigh on the domestic and global markets," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

In the financial year ended March 31, the Nifty and the Sensex rose more than 18% each, even as a spike in crude prices kept the final quarter subdued.

“As we begin the new financial year markets are in uncertain territory. Globally the major headwinds for equity markets are declining liquidity, persistently high inflation in the US and an increasingly hawkish Fed. On the positive side, the negative real returns from fixed income is prompting the increasing tribe of retail investors to pour more money into equity. This strong new trend which is very conspicuous in India has the potential to keep the markets resilient even in the midst of the uncertainty caused by the Ukraine war," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“For FY 23 the prospects for financials, IT, telecom, capital goods and pharma look good. FMCG, cement and autos are likely to face margin pressure," he added. 

The dip in crude prices is a short-term positive for Indian markets, he said. 

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