Bulls Magic! Nifty reclaims 18k-level, Sensex tops 300 pts; Bajaj Finserv zooms 5%

13 Sep 2022 , 09:38 AM

In the opening bell of Tuesday, the benchmark Sensex stretched its momentum and even earmarked more than 60,400-level. Meanwhile, Nifty 50 was also reclaimed 18k-mark for the first time since April, however, the benchmark does have the potential to surprise with further level instead.

A broad-based buying was witnessed in broader markets as well as in terms of sectoral indices. Major sectors in the fast lane led by IT, metals, realty, auto and financial stocks outperformed every other counterpart and even benchmarks.

On the global front, US markets climbed thirs straight session with Dow Jones closing higher by 239 points while Nasdaq gains over 150 points.

Asian markets opened in the green with the Japanese ‘Nikkei’ trading higher by 100 points after a superb last 7 days for the index. Chinese stocks will also react positively as they reopen after a holiday.  

Back at home, the festive season has taken centre stage as growth is expected to double in terms of demand and supply. Furthermore, investors are optimistic about the country’s economic recovery prospects despite retail inflation data and the government giving a boost to financially stressed sectors.

At around 09.40 AM, Sensex was trading at 60,440.16 higher 325.03 points or 0.54%. Nifty 50 performed at 18,024.25 up by 87.90 points or 0.49%.

In the early deals, Sensex hit intraday high of 60,492.62 and Nifty 50 touched intraday high of 18,045.45.

In terms of sectoral indices, NSE Consumer Durables was the star performer soaring by a whopping over 1.04%. Metals, Banking and IT index were the top contributors of the day.

Top bulls on Nifty were – Bajaj Finserv surging nearly 5% followed by HDFC Life soaring 2.75%. Bajaj Finance and SBI Life jumped 1.2% and 1.1% respectively. Coal India climb30ed 1%. Stocks like Titan, Infosys, RIL also advanced to drive the broader markets.

Top bears on Nifty were – Cipla, Sunpharma and HCL Tech plunged between 0.1-0.5%.

Furthermore, according to the National Statistics Office, retail inflation surged up to 7% in August 2022 aided by the sharp rise in the prices of cereals and vegetables.

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