Markets trade higher amid positive cues; Banking, IT, realty major drivers

25 Aug 2022 , 09:34 AM

Indian markets trade higher on account of F&O expiry day and positive global cues. Banking, IT and metal stocks were major drivers of the benchmarks with pharma and auto stocks also adding substantial gains. Positive Asian peers coupled with strong gains in Wall Street – kept the sentiment of the markets at home on the upside front.

Some consolidation is expected today as derivative contracts expiry seeing higher than normal volatility. Midcaps are expected to be active this week.

At around 09:36 AM, Sensex was trading at 59,370.04 up by 284.61  points or 0.48%. Nifty 50 traded higher by 77.95 points or 0.44% at 17,682.90.

In the early deals, Sensex has touched an intraday high of 59,391.17 while Nifty 50 has clocked the day’s high of 17,690.

In terms of sectoral indices, on NSE, the Banking and IT index advanced nearly 250 points and 120 points respectively.

Top bulls on Nifty were – Bajaj Finserv was the top gainer soaring 1.2% followed by IndusInd Bank, SBI Life, UPL and Divis Lab climbed around 1.1% each.

Top bears on Nifty were – Apollo Hospitals tumbling 0.76% followed by Asian Paint and Cipla slipping near 0.5%. Eicher Motors dived 0.34%.

Meanwhile, Bharti Airtel stocks will be in focus today as its promoter Bharti Telecom will buy 3.33 per cent Bharti Airtel stake from Singtel for Rs12,895 crore in 90 days, telecom giant Bharti Airtel said in a filing on August 25.

On the global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was higher by 150 points in early trade. Most other Asian indices traded in the positive with investors awaiting Federal Reserve guidance on rates & inflation tonight.

However, Chinese Stocks remain in buy mode as recent rate cut by Central Bank to see revival in reality & banks.

Moreover, overnight on Wall Street, US markets closed in the green after 3 days of steep profit booking as Dow Jones recovers to close higher by 65 points while Nasdaq closes higher by 50 points.

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