Sensex jumps over 600 points, Nifty50 tests 17,250 amid broad-based gains

Indian equity benchmarks started Friday's session on a positive note amid cautious gains across global markets after the Joe Biden administration proposed stricter rules for banks to safeguard the banking system, following the collapse and rescue of Silicon Valley Bank (SVB) and Signature Bank. Singapore Exchange (SGX) Nifty futures, an early indicator of the Nifty 50 index, were flat ahead of the opening bell in the Indian stock market.

Sensex and Nifty rose 1 per cent each, backed by broad-based buying with RIL, ICICI Bank and HDFC bank being the top contributors. 

The BSE Sensex was up 614.2 points or 1.06 per cent to 58,574.3and NSE Nifty50 rose by 177.7 points or 1.04 per cent to 17,258.4 minutes after the market opened. 

As many as 42 stocks were advancing and 8 were declining in the Nifty50 basket in the early deals. 

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RIL, HCL Tech and ICICI Bank were among the top gainers, rising around 3-2 per cent each.

On the contrary, Sun Pharma, Asian Paints and Apollo Hospitals were the top laggards, falling up to 0.5 per cent.

The Nifty Bank — whose 12 constituents include the country's largest lenders SBI, HDFC Bank, ICICI Bank and Axis Bank — jumped around a per cent and opened at 40,231.25.

The broader markets too followed benchmarks suit to trade in the green minutes after the start of today’s session as Nifty Mid and Smallcap each up around a per cent.

The 12-share banking index, Nifty Bank was at 40,448.45  level, up 538.3 points or 1.35 per cent in the early session.  Anil Singhvi strategy for March 31

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