Markets rally on broad-based buying; Nifty 50 around 17,200 led by banking, IT index

4 Oct 2022 , 09:33 AM

Indian markets kick-started Tuesday’s trading session on bulls with stellar buying sentiments witnessed across large-caps, small-caps and midcaps. On Tuesday, positive sentiment was across sectoral indices with banking and IT stocks outperforming. The markets are reacting to the monthly performance of the metal and auto industries.

Furthermore, the corporate earnings season for the second quarter of FY22 is just around the corner which has led traders hopeful for recovery.

Markets outlook will be shaped due to the above-mentioned factor.

At around 09:35 AM, Sensex is trading at 57,686.25 higher by 897.44 points or 1.58%. The index has touched an intraday high and low of 57,935.14 and 57,506.65 respectively.

Nifty 50 performed at 17,180.50 up 293.15 points or 1.74%. The index has clocked the day’s high and low of 17,181.60 and 17,117.30 respectively.

In terms of sectoral indices, on NSE, the Banking index skyrocketed over 1000 points and the IT zoomed 500 points.

Top bulls on Nifty were – IndusInd Bank, Hindalco, Adani Ports, Larsen & Toubro  and Adani Entereprises climbed between 2.6-4.3% while there are no losers on NSE.

On the global front, US markets rebounded with Dow Jones gaining over 765 points while Nasdaq climbs 240.

Further, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was higher by over 650 points in early trade as US cues turned positive with most other Asian indices bouncing back smartly. Also, Chinese stocks will join the rally session as relief measures for troubled reality sector get major boost from the Government.

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