Markets on bull run! Sensex nears 56,300, Nifty 50 over 16,750; Banking, Auto, Pharma sectors outperform

10 Mar 2022 , 09:40 AM

Indian markets picked momentum on Thursday and made a notable recovery tracking positive global markets after crude oil prices fallen more than 12% gaining investors appetite. The ongoing crises between Russia and Ukraine still has worse impact on global equities however, today markets on the Asian front made significant gains after news report stated that President Volodymyr Zelensky is no longer pressing for NATO membership for Ukraine.

Also, investors logged buying sentiments as all eyes are set on assembly election results which will tone the ruling party approaches and future of general elections in 2024.

In the Asian market, the market witnessed super rally led by the Japanese ‘Nikkei’ which was up over 800 points as global cues see strong pullback in oversold Asian markets. South Korean ‘Kospi’ index was also up over 2.5% as metals see strong demand along with auto stocks seeing sharp rally.

At home, markets made massive gains due to positive cues with all sectoral indices trading in the green except metals.

At around 9:40 AM, Sensex was trading at 55,725.48 skyrocketing by 1078.15 points or 1.97%. The benchmark has touched an intraday high of 56,242.47.

Nifty 50 jumped by 309.70 points or 1.89% and was trading at 16,655.05. The index has climbed to an intraday high of 16,757.30.

On Nifty50, majority stocks advanced where Tata Motors was the top gainer soaring by 4.66% followed by Asian Paints surging 4.44%. Stocks like Axis Bank, Hindustan Unilever and SBI zoomed between 3-4%.

In terms of sectoral indices, on NSE, Banking, auto, pharma and realty index outperformed. All sectoral indices traded higher in the range of 0.5-3.5% except metals decline marginally after Shanghai and LME base metals all closed in the negative territory and gave up previous gains after LME stepped up to regulate the market and try to bring the prices back to rationality.