Markets calm from previous free fall; Sensex reclaims 58k, Nifty over 17,350; IT outperforms; M-;M, NTPC, Tata Steel top bulls

28 Jan 2022 , 10:00 AM

Indian markets took a breather from their previous session’s free fall and were trading on a bullish note on Friday’s opening deals. Sensex regained over 58,000-mark and Nifty 50 reclaimed over 17,350.

The performance in domestic equities tracks broader Asian cues after Wall Street limited the downside trend that was fuelled after US Federal Reserve’s hawkish stance, aided by strong earnings from the most valued company Apple Inc.

Back at home, IT company stocks led the rally, while substantial gains were added by consumer durables, oil & gas, healthcare, auto, capital goods, metals and banking stocks.

On both exchanges, BSE and NSE, all sectoral indices were trading on a higher note ranging from 0.5-2.5%.

At around 09.58 am, Sensex was trading at 58,005.46 up by 728.52 points or 1.27%. The index has touched an intraday high of 58,044.92.

Nifty 50 performed at 17,354.40 up by 244.25 points or 1.43%. The index was near the day’s high of 17,359.70.

In terms of sectoral indices, on BSE, the IT index was higher by 680 points or 2%. However, the index has jumped by nearly 910 points so far in today’s trading.

Further, on BSE, the Oil & Gas index climbed over 2.6%, while the Metal index surged over 2%. The Consumer Durables and Healthcare index jumped over 1.5% and 1.7%.

Top bulls on Sensex were – M&M, NTPC, Tata Steel, Wipro, Bajaj Finance, Sun Pharma, Infosys, Bajaj Finserv, Titan, ITC, Bharti Airtel, HDFC, TCS and Dr Reddy’s Lab soaring between 1.5-4%. Stocks like Ultratech Cement, Tech Mahindra, Asian Paint, Axis Bank and ICICI Bank advanced over 1% each.

Maruti Suzuki and Power Grid were the only bears on BSE.

Major Q3 results today were – Larsen & Toubro, Dr Reddy’s Labs, Kotak Mahindra Bank, Britannia Industries and Vedanta among others. These companies stock will be in focus today.