Morning trade: Sensex shoots up 419 points, Nifty over 17k level

Mumbai (Maharashtra) [India], March 17 (ANI): The domestic equity market continued to make gains, tracking global cues which are strengthening after the recent drop in values of shares of Credit Suisse and bankruptcy of Silicon Valley Bank.

BSE Sensex gained 419 points to 58,054.12 and NSE’s Nifty went up 107 points to cross 17000 level to 17,093.35. Adani Green, Mirzaint, KPI Tech and NHPC were among the top gainers on BSE on Friday morning. ZEEL, Bengal & Assam Company, Jindal Stainless and Gujarat Pipavav Port were among the laggards on BSE. Indices BSE IT and BSE Telecom gained on Friday morning. In Asian markets, Hong Kong’s Hang Seng went up 320 points, Japan’s Nikkei surged 183 points, China’s Shanghai rose 45 points and SandP ASX surged 24 points on Friday morning.

In US markets, Dow Jones surged 371 points, S&P500 gained 68 points and NYSE Composite went up 168 points.

In European markets, BEL 20, CAC 40, Deutsche Borse were trading in the positive territory, FTSE 100 went up 65 points and Amsterdam Exchange was also trading in the green when Asian markets opened on Friday morning.

Most of the key Indices of global markets were on an upward trend as on Friday morning after the trigger of jitters to investors from Silicon Valley Bank and the recent decline in value of shares of Credit Suisse. The US government assured the SVB fallout had been taken care of while the Swiss central bank took stock of the situation by pumping more money into the lender.

The domestic key indices went through a see-saw movement to settle in positive territory on Thursday. The indices also snapped their five-day losing run and ended with gains.

The indices went through volatility tracking most of the global markets which strengthened after Swiss National Bank stepped in to take stock of Credit Suisse’s shares fall.

BSE Sensex on Thursday went up 78 points to finally settle at 57,634.84 while NSE Nifty lost 13 points at 16,985.60.

Investors will be watching the country’s forex reserves as the Reserve Bank of India will come out with the weekly update today.
On Friday, shares of Patanjali Foods went down 2.80 per cent to Rs 919 apiece in morning trade. According to a statement released on Thursday, the promoters of Patanjali Foods said they do not foresee any adverse or negative impact on the financial position of the company owing to the instant freeze of promoters’ shareholding by the stock exchanges.