Markets bullish; Sensex tops 900 pts; Metal, Auto outperforms; Tata Motors, JSW Steel lead

20 May 2022 , 09:34 AM

Indian Market shrugged off the brunt of sell-off and was trading on a positive note during Friday’s session with Sensex eyeing to reclaim 54,000-mark. Nifty 50 races towards 16,100-level. A broad-based buying was recorded across sectoral indices. The corporate earnings season continues to remain in focus.

At around 9:35 AM, Sensex is trading at 53,716.06 up by 923.83 points or 1.75%. Nifty 50 was trading at 16,094.85 higher by 285.45 points or 1.81%.

In its early deals, Sensex has touched an intraday high of 53,834.59. While Nifty 50 has clocked the day’s high of 16,097.

Gainers on Nifty 50 are – Tata Motors (+5%) followed by JSW Steel, Tata Steel, Adani Ports and Hindalco climbing between 3-4.8% while there were no underperformers on Nifty 50 during early trades.

In terms of sectoral indices, in percentage terms, Nifty Metal outperformed by 3.5%. Nifty Media, PSU Bank, Auto and oil & gas index jumped above 2% each and Nifty IT, FMCG further added to the gains.

Bank Nifty advanced by 500 points.

On the global front, Asian indices opened mixed with the Japanese ‘Nikkei’ trading higher by 170 points in early trade. As per the experts, Chinese stocks will see reaction to weak data as expected after the severe lockdown last month which has hit exports & manufacturing.

Overnight, US markets see another day of volatile trade with indices ending in the red but of the lows for the session. Dow Jones closes lower by 230 points while Nasdaq closes down 29.Bond yields close near 2 month lows @ 2.82% while crude oil also sees minor fall to trade near US$108.