Markets trade higher despite weak cues; Sensex up over 58,700, Nifty 50 nears 17,450; IT, Metal, Oil stocks lead; HCL Tech, HUL top gainers

The global stocks are currently on a bearish bandwagon which will also play a role in swaying markets sentiments back at home.

Sep 21, 2021 09:09 IST India Infoline News Service

Stock market report with bull and bear
The bears stayed at bay on Indian markets during Tuesday's opening bell as IT stocks, Metal and Oil & Gas stocks witnessed a massive rally. Sensex neared 58,800, while Nifty 50 came around 17,480 before pulling back. The benchmarks have erased some of the early gains but continue to trade on a higher note as of now.

However, the domestic benchmarks are bound for a volatile session today as well amid China's Evergrande crises that have soured investors appetite for equities. The global stocks are currently on a bearish bandwagon which will also play a role in swaying markets sentiments back at home.

At around 09.30 am, Sensex was trading 58,703.84 up by 212.91 points or 0.36%. Nifty 50 performed at 17,473.85 higher by 76.95 points or 0.44%.

Top bulls on Sensex were - HCL Tech surging by 1.7% followed by HUL soaring 1.6%. Asian Paint and Tata Steel climbed by around 1% each. NTPC, ITC, Infosys, Reliance Industries, HDFC, TCS, SBI and Power Grid surged between 0.5-1%.

Top bears on Sensex were - Maruti Suzuki diving by 1.4% followed by Bajaj Finserv slipping 0.6%. Nestle, Bajaj Finance and Bajaj Auto were marginally down.

In terms of broader markets, on BSE, the SmallCap index turned laggards by dropping more than 110 points. However, the MidCap and LargeCap stocks traded higher and boosted the performance.

Meanwhile, in terms of sectoral indices, on BSE, the IT, Metal and Oil & Gas indexes were top bulls currently surging by 170 points, 140 points and 180 points respectively. On the contrary, healthcare, consumer durables and auto stocks were under pressure.

On the global front, Asian shares were mixed with Japan's Nikkei 225 taking the most beating from investors followed by a significant decline in Hong Kong's Hang Seng. Fears escalated among investors over China's financial system as the country's biggest property group, Evergrande continues to struggle in meeting interest payments on over $300B of debt. Shares in the Asian front have been in a volatile session since the past few days over the Evergrande issue coupled with Beijing's tech crackdown.

Nikkei 225 nosedived more than 627 points or over 2%, while Hang Seng slipped over 176 points or 0.7%. Australia's S&P/ASX and South Korea's KOSPI index inched up.

Most Asian markets have been shut for the Autumn break holidays and will see more action tomorrow as South Korea and Taiwan resume trading today. Chinese stocks will not see any action as the Shanghai stock exchange will trade on 22nd September with the ripple effect of ‘Evergrande' default expected to see across the board sell-off.

Overnight, on Wall Street, US markets see a steep fall as the Chinese reality default of 'Evergrande’ has made a ripple effect across all markets. Dow Jones plummeted over 950 points before closing lower by 614 as short-covering logged recovery from lows. Nasdaq recorded the biggest sell-off closing lower by over 2%, while the US dollar index hits 3-month highs at 93.24.

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