Markets trade bullish; Sensex over 60,000, Nifty 50 above 17,900; IT index outperforms

31 Oct 2022 , 09:37 AM

Indian markets gained momentum on Monday as benchmark Sensex topped 60,000-mark and Nifty 50 raced near 18,000-level. Heavyweight stocks like Reliance Industries, Bajaj twins, HDFC Bank, TCS powered a super rally in broader markets. IT stocks outshined, while significant upside was added by pharma and  auto stocks as well. Except for metal stocks, all other sectoral indices rose sharply.

At around 9:36 AM, Sensex was trading at 60,509.53 up 549.68  points or 0.90%. The index has touched an intraday high of 60,522.94.

Nifty 50 traded at 17,944.80 higher by 158 points or 0.89%. The index has clocked the day’s high of 17,946.70.

On BSE, the SmallCap index jumped nearly 100 points, while the MidCap was up 160 points.

Further, on NSE, in terms of sectoral indices, the IT index soared nearly 500 points, while the Pharma index jumped over 200 points.

Top bulls on Nifty were – Dr Reddy’s surging over 3% after Q2 results. Tech Mahindra followed with over 2% upside. Infosys, HCL Tech and Cipla soared nearly 2% each.

Eicher Motors, Hindustan Unilever, Cipla, Grasim, HDFC zoomed over 1% each. TCS, Power Grid, Nestle, Titan, Adani Ports also contributed significantly to the winning streak.

Top bears on Nifty were – NTPC, Tata Steel and UPL tumbling between 0.3-2%. 

Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up over 340 points in early trade.Most other Asian indices traded higher even as euphoria saw profit booking as most Asian markets have been seeing ETF outflows due to underperformance of Chinese stocks. 

US markets witnessed another superb day to end the best week in over 3 years as Dow Jones gains 830 points while Nasdaq gains 310 points.

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