Markets rally on broad-based buying; Sensex near 58,400, Nifty 50 tops 17,400; Nifty Media skyrockets 8%; HCL Tech, Axis Bank top bulls

Markets are also in focus amid macroeconomic data like factory output and two inflation indicators namely CPI and WPI.

Sep 14, 2021 09:09 IST India Infoline News Service

Stock market report with bull and bear
Indian markets traded on a bullish tone on Tuesday led by broad-based buying with banking stocks outperforming. Notably, media stocks were at fresh record highs that further lifted benchmarks. The domestic equities rallied despite mixed global cues as traders await US inflation data that could provide some clarity on the timeline for taper stimulus by the Federal Reserve.

Back at home, markets are also in focus amid macroeconomic data like factory output and two inflation indicators namely CPI and WPI.

In the early openings, Sensex hit an intraday high of 58,482.62, while Nifty 50 rose to at least the day's high of 17,438.55.

Both the benchmarks were trading near the record levels.

At around 09.50 AM, Sensex was performing at 58,368.51 up 190.75 points or 0.33%. Nifty 50 traded at 17,410.75 higher by 55.45  points or 0.32%.

On BSE, the Bankex index outperformed its counterparts and surged more than 340 points. BSE Utilities, Telecom, Power and Industrials hit a new 52-week high.

On NSE, the Nifty Media index hit a new lifetime high and gained by at least 8% today.

Two companies will be listed on stock exchanges after their initial public offering. These are Vijaya Diagnostic Centre and Ami Organic.

Top gainers on Sensex were - HCL Tech and Axis Bank led by the bull charge surging by 1.4% and 1.2% respectively. Kotak Bank, Bajaj Auto and Tech Mahindra jumped 0.9% each, while L&T, ICICI Bank and Sun Pharma climbed 0.7% each.

Stocks like Dr Reddy's Lab, Reliance Industries, NTPC and SBI also contributed substantially to the upside.

Top bears on Sensex were - Hindustan Unilever, HDFC, Bharti Airtel, Infosys and Bajaj Finance. However, the downside was at a slower pace and marginal in these stocks.

India's CPI Inflation eased to 5.30% in August 2021 compared to 5.59% of the previous month.

The government will announce WPI Inflation for August 2021 later in the day.

On the global front, Asian markets traded mixed with Japan's Nikkei 225 near a 3-month high on the back of ETF flows into Japanese stocks. Most other Asian indices also have delinked from the Chinese markets as that continues to be volatile due to constant regulatory changes on fintech Corporates.

Hang Seng and Shanghai Composite index traded flat. While Australia's S&P/ASX also had muted sentiments. South Korea's KOSPI grew by nearly 1%.

Overnight, on Wall Street, US markets pulled back as Dow Jones closed higher over 250 points after 5 days of decline. However, Nasdaq witnessed profit booking to closed in the red even as bond yields climb to 1.34%. Commodities lead the pullback with alumina prices hitting a 13-year high.

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