Markets bullish with Nifty 50 above 17,100; IT index outperforms

27 Sep 2022 , 09:38 AM

Indian markets traded on a positive tone on Tuesday led by broad-based buying with all stocks in the green. The domestic equities rallied despite mixed global cues. Among the sectors, IT, FMCG, oil & gas inched higher while the auto, banking, metals indices added over half a percent each.

In the early openings, Sensex hit an intraday high of 57,688.87, while Nifty 50 rose to at least the day’s high of 17,154.30.

At around 09:36 AM, Sensex was performing at 57,653.45 up 508.23 points or 0.89%. Nifty 50 traded at 17,132.50 higher by 116.20 points or 0.68%.

On NSE, the Nifty IT surged more than 350 points followed by auto, financials, power and metal stocks.

Top gainers on Nifty were – ONGC led the bull charge surging by 2.6%. BPCL, NTPC, Infosys and Shree Cements jumped over 1.5% each.

Stocks like Hindustan Unilever, Tata Consumers, ICICI Bank, HCL Tech also contributed substantially to the upside.

Only bears on Nifty were – Apollo Hospitals, Divis Lab, Hero MotoCorp, JSW Steel were in the downside however at a slower pace.

Further, Mahindra Logistics stocks will be in focus today as it has entered into a Business Transfer Agreement with Rivigo Services and its promoter for acquisition of its B2B express business, as a going concern, on slump sale basis. The transaction cost is Rs225 crore and the acquisition will be completed by November 1, 2022.

On the global front, overnight US markets saw another weak start to the week with Dow Jones hitting new 52 week lows falling over 300 points. Nasdaq trades in the green for most of the session but last hour Dow weakness sees it close lower by 50 points.

Asian markets opened modestly as US markets failed to stabilize with US dollar hitting new highs climbing over 5% in a week.The Japanese ‘Nikkei’ traded higher by 200 points after the fall of over 750 points yesterday.

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