Markets in a fast rally; Sensex climbs 400 pts, Nifty reclaims 18,000-mark

17 Jan 2023 , 10:08 AM

Indian markets were on a bull run on Tuesday’s early trading session despite mixed global cues. All major sectoral indices traded higher. FMCG stocks outperformed. In the opening bell, Sensex reclaimed over 60,500-mark and Nifty 50 crossed 18,000-level.

At around 10.10 AM, Sensex was trading at 60,515.07 up by 422.1 points or 0.70%. Nifty 50 performed at 18,013.65 higher by 118.80 points or 0.66%.

In terms of sectoral indices, on NSE, the FMCG index surged over 500 points. The IT and Banking index jumped over 0.5% each. The Financial Services index climbed 0.3%.

Gainers on Nifty were – HUL, HCL Tech, L&T, NTPC and HDFC Bank gaining between 1.1-2.7%.

Losers on Nifty were – Sun Pharma, Bajaj Finance, Hero MotoCorp, BPCL and Tata Steel slipped between 0.4-0.6%.

Bank of India, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Delta Corp, Eris Lifesciences, Hathway Cable & Datacom, Mastek, Metro Brands, Network18 Media & Investments, TV18 Broadcast, Newgen Software Technologies, Shalby, Tata Investment Corporation, and Tata Metaliks will be in focus ahead of quarterly earnings on January 17.

Moreover, WPI inflation eased to a 22- month low of 4.95% in December 2022 (from 5.85% in November) led by lower food, textile and minerals prices. Food category witnessed disinflation for the first time in over a year due to sharp decline in vegetables prices.

On the global front, Asian markets opened on a mixed note with the Japanese ‘Nikkei’ leading the gains of over 350 points in early trade while other Asian markets see profit booking after a stupendous last week.

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