Markets in upward trend; Nifty tests 19,500

14 Jul 2023 , 01:22 AM

Indian benchmark indices are trading with gains in yet another session despite an overall overbought position. Investors are highly positive on hopes of US Federal Reserve’s rate hike pauses. Lower-than-anticipated inflation in the US increased the likelihood of the Federal Reserve concluding its interest rate hikes soon after July.

On the sectoral front, the Nifty IT index is supporting the upside in Nifty 50 by over 3% gain. Nifty Media stocks are trading with an uptick of ~2%. All other sectoral indices are holding the upward trend.

At around 1.10 PM, Nifty 50 is trading 87 points higher at 19,500.65. BSE Sensex is up by 234 points at 65,792.70.

IT index is flooded with gains as the top 5 gainers on the nifty index are all IT stocks. Tech Mahindra is trading 4% higher. TCS (+3.32%) and Infosys (+3.11%) are trading with an uptick of 3%. HCL Tech (+2.91%) and LTI Mindtree (+2.90%) are also fuelling the rally.

HDFC Life (-2.51%) is the biggest laggard on nifty index. NTPC (-1.14%), Titan (-1.13%), Power Grid (-1.05%), and Dr Reddy’s (-0.98%) are all trading on the downside.

A total of 29 stocks advanced on the nifty index, and 21 declined.