Markets rally amid positive cues; Sensex tops 400 pts, Nifty above 16,100 led by IT stocks

18 Jul 2022 , 09:35 AM

Indian markets trade on a positive note during Monday’s session amid broad-based buying and bullish trends in global cues. IT and metal stocks outperformed, while banking and media stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings as the results beat estimates.

Globally, US markets witnessed best day in over 2 weeks as Dow Jones closed higher by over 650 points while Nasdaq surged over 200 points.

Back at home, tracking positive cues, Sensex has touched an intraday high of 54,246.76 and Nifty 50 has climbed to the day’s high of 16,199.70 in the early deals of the opening bell.

At around 09.31 AM, Sensex was performing at 54,190.64 higher by 429.86 points or 0.80%. Nifty 50 performed at 16,179.70 up by 130.50 points or 0.81%.

In terms of sectoral indices, Nifty IT jumped by 450 points, while Bank Nifty climbed 200 points. Nifty metals, media soared over 1% each to drive  the broader markets.

Top bulls on Nifty were – Infosys surging nearly 3%, while Hindalco, Tech Mahindra advanced by more than 2% each. Other heavyweights like Sun Pharma, Wipro, Tata Steel, Tata Motors, TCS, Titan zoomed over 1% each.

Top bears on Nifty were – Britannia diving by 0.75%, while M&M followed with a little over 0.5% plunge. HDFC Bank and HDFC tumbled by 0.4% each.

Companies that will be in focus today ahead of its June 2022 quarter results are – HeidelbergCement India, Nelco, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Hosuing Corporation, Onward Technologies, Sudal Industries and Tanfac Industries.