Markets on bull run; Sensex tops 800 pts, Nifty nears 18,300; IT index outperforms

11 Nov 2022 , 09:41 AM

Indian markets traded on a bullish note during Friday’s opening bell post the outcome of US inflation numbers. In the early deals, Sensex jumped even nearly 61,611, while Nifty 50 rose neared 18,300. SmallCap and mid-cap stocks added substantial gains. IT stocks led the rally while banking, metal, pharma, consumer durable stocks further contributed to the upside.

Heavyweight stocks witnessed value buying that drove both benchmarks Sensex and Nifty 50.

At around 9:38 AM, Sensex was trading at 61,500 higher by 886.86 points or 1.46%. The index was near the day’s high of  61,611.31.

Nifty 50 performed at 18,280.75 up by 252.55 points or 1.40%. The index was near the day’s high of 18,289.10.

In the broader markets, on BSE, the SmallCap index advanced over 250 points, while the MidCap index gained over 220 points. 

On NSE, in terms of sectoral indices, the IT index outperformed by soaring over 1000 points. The Banking index jumped over 500 points. The Metal, Pharma, Consumer Durables index climbed more than 1% each.

Nifty bulls were – Tech Mahindra soaring nearly 3.5% followed by Infosys, Wipro and HCL Tech climbing 3.2% each. TCS was higher by 2.8%.

Stocks like Bajaj Finance, Hindalco, Tata Steel, Bajaj Finsev, Apollo Hospitals gained over  2% each. Other stocks like L&T, RIL, Nestle, HDFC, Cipla, Grasim and Titan surged between 1.5-2%.

Eicher Motors and Hero MotoCorp were the only bears on Nifty with marginal downside.

On the Asian front, markets opened in the green led by the Japanese ‘Nikkei’ which was up over 800 points with most other Asian indices trading higher by over 2-4%. 

Overnight, on the Wall Street, US markets winessed huge rally as CPI data came much below expectations indicating that inflation trajectory is headed lower which could see the Federal Reserve lower rate hike expectations. Nasdaq jumped over 7.25% while Dow Jones rallies 1200 points.

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