Markets trade higher; Sensex gains 200 pts, Nifty 50 near 15,700; Metal, Pharma, PSU Bank stocks outperform; JSW Steel, Divis Lab, Bajaj Finance drive

In terms of sectoral indices, on NSE, the Metal index led the rally followed by Pharma, PSU Bank, Media, Realty and IT indexes.

Jun 10, 2021 09:06 IST India Infoline News Service

Indian markets were broadly higher tracking positive Asian counterparts driven by U.S.-China talks and inflation data. A broad-based buying lifted benchmarks Sensex and Nifty 50 with Metal, Pharma, PSU Bank and IT stocks outperforming. These markets have witnessed a volatile session as profit booking emerged from both local & foreign institutions.

At around 09.46 am, Sensex was trading 52,139.40 up by 197.76 points or 0.38%. Meanwhile, Nifty 50 was performing at 15,699.65 up 64.30 points or 0.41%.

Top bulls on Nifty 50 were - Tata Consumer Products, Divis Lab and JSW Steel surging more than 2% each. Shree Cement and Bajaj Finance climbed 1.7% and 1.6% respectively.

Top bears of Nifty 50 were - Eicher Motors slipping 1%, while Bajaj Auto and Adani Ports dived 0.6% each. Hero MotoCorp and Maruti Suzuki dipped marginally.

In terms of sectoral indices, on NSE, the Metal index led the rally followed by Pharma, PSU Bank, Media, Realty and IT indexes. These sectoral indices soared around 1% each.

Asian stocks rose with China's Shanghai Composite outperforming. Japan's Nikkei 225, BSE Sensex and Hong Kong's Hang Seng further added to the winnings. The Chinese and U.S. commerce ministers have come to an agreement to push forward trade and investment links in their first call since the beginning of President Joe Biden’s administration. Biden had revoked Trump-era bans on TikTok and WeChat.

Globally all markets await the data on inflation due today in the US which could set the trend for equities in the near term. Chinese stocks continue to consolidate even as data on manufacturing beat street estimates. 

On Wall Street, overnight, US markets close with losses as Dow Jones falls 150 points while Nasdaq closes flat even as bond yields hit 4-month lows at 1.48%.

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