Markets bullish with Nifty 50 above 17,400; IT stocks drive

4 Aug 2022 , 09:34 AM

Indian markets rallied on Thursday amid positive sentiments in global cues. Both benchmarks Sensex and Nifty 50 were on a bullish tone led by broad-based buying with IT, metals, banking stocks in the fast lane. However, the realty and oil & gas index were under pressure. Midcap stocks were also active.

At around 09:36 AM, Sensex was trading at 58,595.99 higher by 245.46 points or 0.42%. Nifty 50 performed at 17,462.45 up by 74.30 points or 0.43%.

In the early trade, Sensex has touched an intraday high of 58,712.66, while Nifty 50 clocked the day’s high of 17,490.70.

Top bulls on Nifty were – Hindalco surging 3.2% followed by Infosys soaring 2%. Wipro along with Tech Mahindra and TCS climbed nearly 1.5% each.

Top bears on Nifty were – Tata Consumer plunging nearly 3% followed by NTPC, SBI, Britannia and Coal India tumbling marginally to 1%.

Companies that are set to announce their June 2022 quarterly results will be in focus today – Britannia Industries, Gail India, Adani Enterprises, LIC Housing Finance, Dabur India, Alembic Pharmaceuticals, Adani Total Gas, Balkrishna Industries, Balrampur Chini Mills, Berger Paints India, Bharat Heavy Electricals, Blue Star, Gujarat State Petronet, Kalpataru Power Transmission, Manappuram Finance, Ujjivan Financial Services, Welspun Corp.

On the global front, Japanese ‘Nikkei’ which was trading up over 170 points followed by gains on South Korea & ASX indices. Chinese stocks will see action as metals start to rebound as industrial activity picks up.

On Wall Street, overnight, US indices close on a rip roaring day with Nasdaq jumping over 320 points or 2.6% to hit 12668. Dow Jones jumps over 413 points marking an 11% rally from June lows. Nasdaq enters fresh new bull market marking 20% rally from lows of 10565 in June.