Markets trade positive after inflation, IIP data; Sensex zooms 600 pts, Nifty 50 near 16k; Bank, Auto, metals outperform

India's CPI Inflation surged to near 8-year high at 7.79% in April on higher energy, food costs.

May 13, 2022 9:38 IST | India Infoline News Service
The equity markets commenced on a positive note with benchmarks Sensex surged 600 points and Nifty 50 rising to near 16,000-level. A broad-based buying was recorded across sectoral indices in Indian markets with banking, auto, metal stocks outperforming. The domestic equities performance comes after economic data presented by the government however, cautious tone is still prevailing amongst the investors considering CPI inflation data, RBI meetings and global inflation pressure.

At around 9:40 AM, Sensex is trading at 53,605.04 up by 674.73 points or 1.27%. The index is trading near the day's high of 53,625.25.

Meantime, Nifty 50 was performing at 15,971.60 higher by 163.60 points or 1.03%. The index has climbed to the day's high of 15,994.40.

Gainers on Nifty 50 are - Tata Motors surging over 7.5% followed by Apollo Hospitals higher by 3.2% and Sun Pharma advancing by 2.9%. Divis Lab, UP, Tata Steel, Titan zoomed over 2.5% each.

Other stocks like Coal India, M&M, Hero MotoCorp, Dr Reddy jumped by more than 2% each.

On the downside, on Nifty 50, L&T dipped by nearly 1% followed by NTPC, Bharti Airtel, SBI Life and TCS were marginally down.

Companies that are set to announce their March 2022 quarterly result today and will be in focus are - State Bank of India, Eicher Motors, Tech Mahindra, Bank of Baroda, Bandhan Bank, Union Bank of India, Alkem Laboratories, Emami, Escorts, Hindustan Aeronautics, JK Paper, Linde India, Nazara Technologies, Amber Enterprises India, APL Apollo Tubes, Balkrishna Industries, Carborundum Universal, CESC, Coromandel Engineering Company, DB Corp, Elgi Equipments, Gujarat Fluorochemicals, REC, Reliance Infrastructure, Reliance Power, Sharda Cropchem, Sigachi Industries, Steel Strips Wheels, Triveni Turbine, UCO Bank, and Vakrangee.

Bank Nifty contributed to the gains, by strengthening over 330 points. Nifty Auto stocks jumped by nearly 2.5%.

India's CPI Inflation surged to near 8-year high at 7.79% in April on higher energy, food costs while the Index of Industrial Production (IIP) increased 1.9% in March 2022.

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