Markets trade higher; Sensex tops 400 pts, Nifty 50 over 15,900; Metal outperforms; LIC IPO to list today

17 May 2022 , 09:33 AM

Indian markets rose on Tuesday tracking mixed global cues. In the opening bell, Sensex was racing for 53,500-mark and Nifty 50 for 16,000-level, however, pulled back and stayed in a favourable position. Markets are expected to witness higher volatility this week as investors to remain cautious due to inflation concerns, weak economic outlook, brent crude oil prices and Ukraine war.

Also, today all eyes are set on listing of mega LIC shares. The government has fixed the issue price at Rs949 apiece however as per  market observers, LIC shares continue to trade at a discount rate in the grey market premium.

After gaining by more than 400 points with an intraday high of 53,392.21 in the opening bell, Sensex was trading at 53,370.32 advancing by 396.48 points or 0.75% at around 09.35 AM.

At the same time, Nifty 50 was performing at 15,951.05 up by 108.75 points or 0.69%. The index has jumped by at least over 110 points with an intraday high of 15,964.55 in early trade.

On the broader market indices, on NSE, the India VIX was among the top laggards tumbling by 4.2%.  Except pharma and  healthcare, all major indices were in green.

In terms of sectoral indices, the Nifty Metal outperformed by 2.3%, while Nifty Oil & Gas and Nifty Media surged by more than 1% each. Nifty Banking and Nifty FMCG also added to the winnings. However, Nifty IT recorded lacklustre demand.

Top bulls on Nifty 50 were – Hindalco strengthening by 4% followed by ONGC, Tata Steel, RIL, JSW Steel soaring around 2% each.

Top bears on Nifty 50 were – Cipla down by 1% followed by Sun Pharma plunging 0.5%. Tata Consumer, Infosys and Asian PAints were also on the list, however, with a marginal drop.

Companies that are set to announce their financial performance for the March 2022 quarter today and will be in focus are – Bharat Forge, MCX India, Ami Organics, Century Plyboards, Dodla Dairy, Fino Payments Bank, Glaxosmithkline Pharmaceuticals, Greenply Industries, GRM Overseas, Max Ventures and Industries, Nava Bharat Ventures, Omkar Speciality Chemicals, RateGain Travel Technologies, Raymond, Shankara Building Products, Uttam Sugar Mills, and VIP Industries.