Markets bullish with Nifty 50 around 17,800; Auto stocks drive

16 Aug 2022 , 09:36 AM

The trading begins with a positive note as Sensex and Nifty 50 benchmarks were trading bullish on Tuesday tracking broader positive global cues. Sensex and Nifty 50 had a steep rally amid broad-based buying with auto and realty stocks outperforming. In the opening bell, Sensex has advanced by nearly 300 points so far while the 50-scrip benchmark has risen by at least nearly 80 points.

According to the government release data, Retail inflation dropped to a five-month low of 6.71% in July 2022. Meanwhile, industrial output growth moderated to 12.3% in June from a year ago, compared with a 12-month high of 19.6% in May 2022.

At around 09:36 AM, Sensex was trading at 59,771.95 up 309.15 points or 0.52%. Nifty 50 surged by 76.05 points or 0.43% and was trading at 17,774.20.

In terms of sectoral indices, on NSE, the Auto index climbed nearly 150 points. Except metals and oil & gas stocks, all stocks are trading in the green with marginal upside where realty stocks surged more than 1%.

Top bulls on Nifty – M&M and Hero MotoCorp were in the lead soaring around 2% each, while Nestle India, Asian Paints and Britannia followed with 1.2% upside each. Kotak Bank, BPCL and Maruti Suzuki advanced 1% each.

On the contrary, on Nifty, Grasim and Hindalco plunged 3.5% and 2% respectively. ONGC shed 1%. Apollo Hospitals and Tata Steel also tumbled around 1% each.

On the global front, US markets witnessed the rally continue unabated as Dow Jones gains over 13.5% from June lows while Nasdaq gains 23.5%.