Markets in the fast lane; Sensex gains 350 pts, Nifty above 17,300 levels

A broad-based buying was witnessed with pharma and healthcare stocks outperforming counterparts and leading the rally.

April 29, 2022 9:43 IST | India Infoline News Service
Indian markets were on a bull run in the opening bell of Friday led by strong positive global cues. Sensex neared to 57,900-level, while Nifty 50 stretched its gain to near 17,350 levels as it started the May F&O series with positive note. Globally, technology stocks outperformed in US markets amid upbeat earnings news which is the big relief for the investors globally for a time being from inflation perspective as well.

Meanwhile, back at home, a broad-based buying was witnessed with pharma and healthcare stocks outperforming counterparts and leading the rally. Also, banking, financials, auto IT and consumer durables sectors advanced amid a global bullish tone in the sector. However, FMCG and media stocks logged some profit bookings from investors during early trade on Friday.

At around 09:45 AM, Sensex was trading at 57,873.20 up by 352.14 points or 0.61%. The index has touched an intraday high of 57,902.83.

Nifty 50 performed at 17,343.70 up by 98.65 points or 0.57%. The benchmark has touched an intraday high of 17,349.30.

Bulls on NSE were - Sun Pharma, IndusInd Bank, Tata Motors, Dr Reddy and Tata Steel surging between 1.5-3.5%.

Bears on NSE were Axis Bank, SBI, Britannia, Bajaj Auto, Power Grid down 0.5-4%.

Further, as per the recent media reports, Mukesh Ambani is gearing up for the launch of two of India's biggest IPOs by is companies, Reliance Retail Ventures and Reliance Jio Platform. The announcement is likely to make during the Annual General Meeting of Reliance Industries this year.
On the global window, Asian indices opened in the green led by the Japanese 'Nikkei' which traded higher by over 450 points as earnings beat estimates with Taiwan & South Korean markets also seeing follow on buying. Chinese stocks may see contrarian buying as technology stocks see value buying with global stocks awaiting the Federal Reserve meeting.

Overnight, US markets see a big comeback as technology stocks lead the rally with Nasdaq closing higher by over 3%, while Dow Jones climbs nearly 2%. Bond yields remain near 2.81% even as oil prices see a rise of over 3%. Apple results beat estimates with net profit hitting US$25 billion for the quarter.

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