Markets cruise at fresh highs; Sensex nears 61,900, Nifty 50 tops 18,520; Metal outperforms; Tata twins, Hindalco, JSW Steel, ONGC top bulls

In the early trade, Sensex has soared by nearly 590 points, while Nifty 50 climbed nearly 185 points. Both the benchmarks have clocked new 52-week highs.

Oct 18, 2021 09:10 IST India Infoline News Service

Bull market presents uptrend stock market
Indian markets further scaled to new heights in the opening bell of Monday on broad-based buying as investors keenly gauge major corporate earnings for September 2021 (Q2FY22) quarter. In the early trade, Sensex has soared by nearly 590 points, while Nifty 50 climbed nearly 185 points. Both the benchmarks have clocked new 52-week highs. Metal stocks outperformed, while banking, IT, auto and consumer durables contributed significantly to the winnings.

At around 09.54 am, Sensex was trading at 61,707.50 higher by 401.55 points or 0.6%. Nifty 50 performed at 18,477.75 up 139.20 points or 0.7%.

Sensex has clocked a new lifetime high of 61,894.33, while Nifty 50 touched a historic high of 18,521.10.

In terms of sectoral indices, on NSE, the Metal index skyrocketed 3.3%, while the IT, Auto, Consumer Durables, Oil & Gas and Bank Nifty jumped around 1% each.

Top bulls on Nifty 50 were - Hindalco climbing 5.5% followed by Tata Motors and JSW Steel soaring 3.7% and 3.5%. ONGC and Tata Steel surged 2.8% and 2.6%.

Top bears on Nifty 50 were - Asian Paint, Dr Reddy's Lab and HCL Tech diving by more than 1% each. Bajaj Auto and Eicher Motors slipped 0.8% each.

Companies that will be announcing their Q2 results today and will be in focus are - UltraTech Cement, Larsen & Toubro Infotech, Route Mobile, Alok Industries, Concord Drugs, Craftsman Automation, Gujarat Hotels, Hathway Bhawani Cabletel & Datacom, Hatsun Agro Product, International Travel House, Lloyds Steels Industries, Navigant Corporate Advisors, Sunedison Infrastructure, SVP Global Ventures, Tanfac Industries, Tata Coffee, and Uniply Decor.

On the global front, Asian markets opened muted as the Japanese 'Nikkei' saw profit booking in early trade after the superb rally of last week. Most other Asian markets also traded flat as early morning profit booking was witnessed as investors worry over rising inflation and rates. Chinese data due later could set the tone as growth may be lowest in the last 4 quarters.

Last week, on Friday, US markets close with a flourish as Dow Jones adds over 900 points in 2 days with data on jobs beating estimates and global cues seeing equities outperform. Bond yields spike to 1.58% while oil hits over 3-year highs with Brent crude crossing US$ index 85. Earnings from large banks see financials lead the rally.

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