Markets maintain rising spree; Sensex tops 360 pts, Nifty 50 above 16,300; Pharma stock outperforms

18 May 2022 , 09:36 AM

Indian markets continued their winning streak on Wednesday with Sensex reclaiming over 54,500-level and Nifty 50 earmarking above 16,300-mark. The domestic equities tracked mixed global cues as investors weighed the pace of growth as economies reopen in China against the resurgence in the Coronavirus pandemic. A broad-based buying was recorded on Indian exchanges with pharma, banking and financial stocks outperforming.

Also, WPI inflation (Wholesale Price Index) rose to a record high of 15.08% in April from 14.55% on the back of rising commodity prices, food and fuel prices fuelled by the Russia-Ukraine war and breakdown in global supply chains due to Covid lockdown in China.

At around 9:35 AM, Sensex was trading at 54,680.98 up by 362.51 points or 0.67%. The index has touched an intraday high of 54,720.70.

Nifty 50 was performing at 16,363.55 higher by 104.25 points or 0.64%. The index has clocked an intraday high of 16,368.55.

Top gainers on Nifty 50 were – Eicher Motors surging 1.74% followed by Cipla and Bharti Airtel advancing by 1.71% and 1.69%. Sun Pharma and Dr Reddy’s climbed by 1.5% and 1.4% respectively.

Top bears on Nifty 50 were – JSW Steel plunging by 1.1%. Other stocks like PowerGrid, NTPC, Hindalco and Tata Steel were trading lower between 0.6-1%.

In terms of sectoral indices, Nifty Pharma outperformed by 1.2%, while Nifty Bank and Nifty Financial Services surged by 0.7% and 0.9% respectively however Nifty Metals were under pressure tracking borader markets tone.