The wildest swing of the U.S. market fueled Indian benchmark indices Sensex and Nifty, then other Asian markets

The U.S. market’s craziest turnaround of 2022 propelled the surge of over 1.5% in the key Indian indices Sensex and Nifty, which has been driven by cyclical and technology sectors. Key indices of the U.S. made a remarkable swing last night registered as the wildest intraday swing since March 2020. The impact of the global markets is clearly visible in all Asian markets followed by Sensex & Nifty. In major Asian markets excluding India, Japan’s benchmark index Nikkei 225 is up over 3%, SSE Composite Index(Shanghai) is also up around 2% followed by the Hong Kong stock market(Hang Seng Index) is up over 3.5%. Both the Taiwan stock index and the benchmark KOSPI for Korea are rising by nearly 2.5% each.

INFY (5%), HCLTECH (3.5%), TECHM (2.8%), LT (2.7%), and HDCBANK (2.5%) are the top 5 gainers of NIFTY 50, the widely used benchmark index for the Indian stock market. The top four gainers are from the NIFTY IT index, which is up more than 2.5% as a result of improved Q2 performance for Indian IT exporters and a resurgence in the world financial markets. The other Indian mid- and small-cap indices exhibit over 1% momentum as well. If this trend lasts until the afternoon session, bullish traders will see a strong weekly closing today. By close, market analysts anticipate a dazzling session for mid- and small-cap stocks.