Markets log gains for another session; hit fresh highs

17 Jul 2023 , 01:06 PM

Indian stock markets are trading with gains for yet another session after jumping to fresh highs. The gains in broader markets are led by IT stocks on hopes that US Fed Reserve will ease its monetary policy. However, gains in Asian peers were restricted due to lacklustre economic data from China.

On the sectoral front, the heavyweight IT index is trading with an uptick of 1%, extending its rally for the third consecutive session amidst easing inflation in the US. Nifty Media stocks are supporting the overall rally with 2% gains. Nifty Bank and Financial Services indices are under pressure on the release of quarterly earnings.

At around 1.00 PM, BSE Sensex is trading 270 points higher at 66,331. Nifty is up by 74 points at 19,639.

Wipro (+3.52%) is the top Nifty gainer today, rising over 3.5%. Dr Reddy’s (+2.73%) is trading nearly 3% higher owing to acquisition news. Reliance Industries (+2.49%), Tech Mahindra (+1.62%), and Adani Enterprises (+1.39%) are lending support to overall higher market momentum.

Hero MotoCorp (-1.86%) is so far the top loser on the nifty index. ONGC (-1.21%), SBI Life (-1.03%), Tata Motors (-0.84%), and Bharti Airtel (-0.78%) are trading about 1% lower.

A total of 27 stocks advanced on nifty, and 23 declined.