Markets rally on broad-based buying; Nifty 50 tops 17,700; RIL, Tata Motors top bulls

6 Sep 2022 , 09:37 AM

Indian markets traded on a bullish tone on Tuesday led by broad-based buying with all stocks in the green. The domestic equities rallied despite mixed global cues as traders await US inflation data that could provide some clarity on the timeline for taper stimulus by the Federal Reserve.

Back at home, in the early openings, Sensex hit an intraday high of 59,566.67, while Nifty 50 rose to at least the day’s high of 17,764.65.

Both the benchmarks were trading near the record levels.

At around 09:35 AM, Sensex was performing at 59,490.81 up 244.83 points or 0.41%. Nifty 50 traded at 17,737.20 higher by 71.40  points or 0.40%.

On NSE, the Bank Nifty surged more than 160 points followed by auto, metal, power and consumer durables stock.

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Top gainers on Nifty were – Apollo Hospitals led by the bull charge surging by 1.5%. Tata Motors, Power Grid, HDFC Life and NTPC jumped nearly 1% each, while Coal India, RIL, Bharti  Airtel climbed 0.8% each.

Stocks like Bajaj Finance, SBI Life, Bajaj Auto, JSW Steel also contributed substantially to the upside.

Only bears on Nifty were – Nestle India and ITS however, the downside was at a slower pace and marginal in these stocks.

On the global front, US markets closed for labour day holiday with futures pointing to gains as markets await Friday inflation numbers before the Federal Reserve meet on September 21.

Moreover, Asian markets rebounded today after yesterday’s correction with the Japanese ‘Nikkei’ & Taiwan markets leading the gainers. Further, Chinese stocks also reacted positively as US talks on allowing Chinese listing of internet stocks made further headway.

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