Markets gain momentum amid weak global cues; IT and banking stocks outperformed

14 Mar 2022 , 09:36 AM

Indian markets gained the momentum in the early morning trade tracking Asian markets. Also, the performance was driven by an upbeat in banking and IT stocks. Also, investors sentiments are eyed on the rising crude oil and its impact on domestic prices and economy across the country. In the early deals, Sensex neared 56,000 and Nifty 50 topped over 16,700.

At around 9.34 AM, Sensex was trading at 55,676.66 up by 126.36 points or 0.23%. Nifty 50 traded at 16,654.25 above 23.80 points or 0.14%.

In terms of sectoral indices, on NSE, the Banking and IT index surged by over 230 points and 260 points respectively. On the contrary, the auto, oil & gas, realty and metals were under selling pressure emerging as among top laggards.

Nifty bulls were – HDFC Bank, Infosys, Tech Mahindra, Asian Paints, SBI, ICICI Bank and Wipro.

Nifty bears were – Tata Motors, IOC, SBI Life, Hindustan Unilever, BPCL, Eicher Motors and M&M.

On the global economy front, the US Federal  Reserve has signalled that it  is set to increase interest rates this week for the first time in more than three years as inflation continues to rise across the world due to the ongoingwar which led to the surging price of fuel. 

Among other markets, US markets end week with losses as Nasdaq & technology stocks see weakness. Also, Bond yields hit 3 year highs @ 2.03% even as Federal Reserve meet this week indicates 25 basis points hike.

Asian markets saw a positive start as the Japanese ‘Nikkei’ was trading higher by over 300 points in early trade along with positive traction in the Australian markets which were up over 1.3%. This as oil prices see decline of over 3% while geopolitical talks continue to see some positive rhetoric on break through between Ukraine & Russia.

On the domestic front, railway stocks in focus today as according to the media report, Railways financing arm is set to raise Rs84.4 billion from Japanese lenders.