Markets trade higher amid volatility; Metals, oil & gas stocks outperformed while IT, pharma, FMCG drag

On NSE, the metal and oil & gas indices outperformed by gaining over 1% each.

May 11, 2022 9:46 IST | India Infoline News Service
Indian markets traded on a positive note during Wednesday's opening bell amid mixed global markets as investors awaited key inflation data from the US due later in the day. The domestic equities recorded a broad-based buying with metal and oil & gas stocks outperforming. Pharma, IT and FMCG stocks were among the top laggards during the early trade.

However, concerns about inflation, rising interest rates and the possibility of worldwide recession continue to remain in focus as corporate earnings also play a role in swaying investors sentiments.

At around 9:45 AM, Sensex was trading at 54,541.23 up by 176.38 points or 0.32%. The index has touched an intraday high of 54,598.55 in early trade.

Nifty 50, meantime, was performing at 16,305.40 higher by 65.35 points or 0.40%. The index has clocked an intraday high of 16,306.40.

Nifty 50 gainers were - UPL (+2.2%), HDFC Life (+2%), ONGC (+1.68%), Adani Ports (+1.64%), Power Grid (+1.6%). Nifty underperformers were - Asian Paints, Cipla, IndusInd Bank, Hindustan Unilever and Infosys plunging between flat to 2%.

Stocks like Adani Ports, PNB are in focus ahead of their March 2022 quarterly result scheduled for later today. Other companies that are set to announce Q4 result today are-  Indian Bank, Petronet LNG, Balaji Amines, Birla Corporation, HSIL, JSW Ispat Special Products, Kalyan Jewellers India, Kennametal India, KSB, Lakshmi Machine Works, Lloyds Steels Industries, NCC, Skipper, Prism Johnson, Relaxo Footwears, Sagar Cements, SKF India, Butterfly Gandhimathi Appliances, Century Enka, Cholamandalam Financial Holdings, and DIC India.

In terms of sectoral indices, on NSE, the metal and oil & gas indices outperformed by gaining over 1% each. Realty and media stocks also jumped 1% each while Nifty Bank was marginally up.

On the global front, US markets witnessed another choppy session with Dow Jones giving up gains of 500 points to close down 80 points, while Nasdaq manages to close higher by 1%. 

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