Markets on a running spree; Nifty near 19,500

11 Jul 2023 , 01:11 PM

Indian benchmark indices are trading with spectacular gains in Tuesday’s afternoon session. Domestic markets are tracking the positive cues in Asian peers as the risk appetite of investors gets a boost on hopes of China stimulus package.

The market rally has expanded to include mid-cap and small-cap stocks. These stocks continue to achieve new all-time and 52-week highs, respectively.

On the sectoral front, Nifty Auto and FMCG indices are driving the rally. All other sectoral indices are trading with gains. India’s VIX eased about 2%.

At around 1.00 PM, BSE Sensex was trading 476 points higher at 65,820.56. NSE Nifty is trading at 19,493, up by 137 points.

Eicher Motors (+2.50%) is driving the rally as the top gainer. Apollo Hospital (+1.89%), Maruti Suzuki (+1.84%), Sun Pharma (+1.77%), and Britannia (+1.63%) are trading with an uptick of ~2%.

UPL (-1.89%) is so far the biggest loser on Nifty. HCL Tech (-0.97%) continues to fall for yet another day. Hero MotoCorp (-0.76%), JSW Steel (-0.64%), and Hindalco (-0.54%) are the other losers.

On an individual stock basis, Vedanta is trading about 2% lower as Taiwan’s Foxconn ditched the plan to form a JV with the company. Life insurers – Life Insurance Corporation of India, HDFC Life Insurance, and Max Financial gained over 2% on the release of June quarter numbers.

A total of 40 stocks advanced on the nifty index today, and 10 declined.