Markets gain momentum; Sensex climbs 300 pts, Nifty 50 above 18,200

7 Nov 2022 , 09:40 AM

Indian markets opened in green during Monday’s early exchange of deals led by corporate earnings and positive global cues. Banking and FMCG stocks lifted the broader benchmarks, while IT and Auto stocks also contributed substantial gains.

In the opening bell, Sensex has touched an intraday high of 61,401.54 and Nifty 50 rose to more than 18,255.50.

At around 09:38 AM Sensex was trading at 61,268.08 up 317.72 points or 0.52%. Nifty 50 jumped by 105.30 points or 0.58% and was trading at 18,222.45.

The government will be announcing India’s CPI and IIP data in the coming week which are likely to guide the market scenario..

In terms of sectoral indices on NSE, the Banking index jumped nearly 470 points while the Auto stocks climbed over 120 points. The PSU Bank index surged 200 points, while the IT and FMCG advanced 130 points and 460 points.

Bulls on Nifty were – Britannia up 7.7% followed by SBI zooming by more than 4.6%. Tata Motors, Nestle India and Coal India surged more than 1.3% each.

Bears on Nifty were – Titan, Cipla, Hindalco, Dr Reddy and Adani Ports plunging between 0.1-1.5%.

Companies that are set to announce their Q2 today are – Paytm, Coal India, Divis Laboratories, One 97 Communications (Paytm), PB Fintech (Policybazaar), Bharat Petroleum Corporation, Aditya Birla Capital, Affle India, Ceat, Cera Sanitaryware, Endurance Technologies, Greenply Industries, India Cements, KEC International, RateGain Travel Technologies, Sun Pharma Advanced Research Company, Sundaram-Clayton, Tata Teleservices (Maharashtra), Ujjivan Small Finance Bank, and Vascon Engineers.

Earlier, today, Asian markets opened in the green led by the Japanese ‘Nikkei’ trading higher by over 330 points in early trade accompanied by the Taiwan & South Korean markets.This as globally markets are pricing in the worst of rate hikes & inflation having peaked.

Last week, on Friday, on Wall Street, US markets ended with gains as jobs number indicates slowdown with fall in inflation being accompanied by fall in consumption in the US. Dow Jones rallied over 400 points while Nasdaq surged 132 points.

For feedback and suggestions, write to us at [e-mail]