Markets trade higher ahead of Q3 earnings, economic data; Sensex near 61k, Nifty 59 above 18,150; RIL, Bajaj Finance, Kotak, ICICI Bank top bulls

12 Jan 2022 , 10:25 AM

Indian markets were on a bull run on Wednesday's early trading session as investors await major Q3 corporate earnings and macroeconomic data. Except for IT stocks, all other sectoral indices traded higher. Energy, Banking, metals, oil & gas and consumer durables stocks outperformed. In the opening bell, Sensex reclaimed over 61,000-mark and Nifty 50 neared to 18,185-level.

At around 10.10 AM, Sensex was trading at 60,989.69 up by 372.8 points or 0.62%. Nifty 50 performed at 18,153.90 higher by 98.15 points or 0.54%.

In terms of sectoral indices, on BSE, the Bankex surged nearly 375 points. The Metal and Oil & Gas index jumped nearly 1% each. The Energy index climbed 1.4%.

Bulls on Sensex were - Reliance Industries, Kotak Bank, SBI, Bajaj Finance, IndusInd Bank, HDFC and ICICI Bank gaining between 1-2%.

Bears on Sensex were - Titan, Tech Mahindra, TCS, Wipro and Dr Reddy's Lab slipped between 0.5-1%.

Major IT companies like Infosys, TCS and Wipro will be in focus today ahead of their Q3 earnings.

The Indian government will release CPI inflation data for December and industrial output for November today.

For today, expect a test of 18200 in Nifty 50 as global cues coupled with short covering to see a positive start to the day.

Asian markets traded in green as indices react positively to weaker US$ & prospects of a better earnings season. Taiwan & South Korean markets should also see more green as supply chain disruptions get sorted in semiconductor markets with production expected to pick up sharply in the coming months.

Overnight, on Wall Street, US stocks see huge intraday swings with Dow Jones closing at the highs for the day up over 180 points before being down over 300 in intraday trade. Nasdaq climbs back after an 8-days fall to close up over 210 points as technology stocks bounce back before earnings season this week. US bond yields close near 1.74% while the US$ index sees first signs of weakness closing at 3-month lows near 95.60.