Markets log modest gains as oil -; gas, IT, metal stocks drive it up

30 Jun 2022 , 09:37 AM

Indian markets traded in the green on Thursday recovering from a bearish previous day led by outperformance in oil & gas, metal, IT and auto stocks. The benchmarks Sensex and Nifty 50 tracked mixed global cues as the US economy contracted  and China reported stronger factory activity. Back at home FMCG stocks was the only laggard.

In the early opening bell, Sensex has touched the day’s high of 53,293.56 and Nifty 50 has climbed to an intraday of at least 15,869.70.

At around 09.41 AM, Sensex was trading at 53,267.89 up by 240.92 points or 0.45%. Nifty 50 was performing at 15,856.50 higher by 57.40 points or 0.36%.

On the sectoral basis, Nifty Metal climbed by 0.6%, while Nifty Oil & Gas and Nifty IT surged by 0.7% and 0.3% respectively. Nifty Auto and  Nifty Metal stocks will be in focus this entire week amid June F&O expiry day. 

Kotak Bank was the top gainer on NSE soaring over 1.3%. Tata Motors also surged 1.1% as the company is set to hike prices of its vehicles from tomorrow. Also, the company is in focus ahead of its monthly sales data.

Reliance Industries, Power Grid, Britannia also surged by more than 1% each. 

On the downside, Cipla  was the top underperformer on NSE tumbling over 1.2%. Tata Consumers, M&M, ITC and UPL slipped between 0.4-1%.

On the Asian front, markets opened mixed with the Japanese ‘Nikkei’ trading lower while the South Korean & ASX indices trading nearly 1% higher.