Markets rally amid mixed global cues; Nifty above 16k led by auto, metal stocks; Titan in lead

7 Jul 2022 , 09:33 AM

Indian markets trade on a positive note during Thursday’s session amid broad-based buying and mix trends in global cues after FOMC meeting showed US policymakers anticipate a 50 or 75 basis points hike in the next meeting. 

Consumer Durables, Auto and metal stocks outperformed, while banking and IT stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings amid  mixed global cues.

Asian markets opened muted with the Japanese ‘Nikkei’ trading higher by 70 points along with the South Korean ‘Kospi’ which was higher by 1% after the bi sell off in the last few days.

Furthermore, US markets end higher as Dow Jones closes higher by 69 after being up over 250 in intra day trade. Also, brent crude oil falls below $100/barrel, stood at $00.8/barrel.

Tracking positive cues, Sensex has touched an intraday high of 54,249.74 and Nifty 50 has climbed to the day’s high of 16,139.50 in the early deals of the opening bell.

At around 09.31 AM, Sensex was performing at 53,750.97 higher by 616.62 points or 1.16%. Nifty 50 performed at 16,102.85 up by 113.05 points or 0.71%.

In terms of sectoral indices, Bank Nifty jumped by 330 points, while Nifty Auto and Nifty Consumer Durables climbed 100 points and 500 points respectively. Nifty Metal soared over 1%.

Top bulls on Nifty were – Titan surging 6%, while Tata Motors, M&M, Power Grid and Asian Paints advanced by more than 1.5% each. Other heavyweights like Wipro, Hindalco, ONGC, Tech Mahindra, NTPC, ICICI Bank zoomed over 1% each.

Top bears on Nifty were – Britannia and Hindustan Unilever diving by 0.5% each, while Bharti Airtel followed with a little over 0.4% plunge. Cipla and Nestle India tumbled by 0.2% each.