Markets rally on broad-based buying; Nifty 50 tops 18,800; IT index shines

1 Dec 2022 , 02:03 PM

Domestic benchmark indices trading higher on Wednesday’s market session. Both the Sensex and Nifty benchmarks hit fresh record highs during opening bells as investors cheered the US Fed Chairman speech signalling that future rate hikes will come at a slower pace.

On the sectoral front, IT index outperforming by rising over 750 points with metal index surging over 1%. Auto index logged selling pressure ahead of November sales outcome.

At around 2:00 PM, Sensex was trading at 63,298.42 higher by 198.77 points or 0.32%. Nifty 50 traded at 18,808.05 higher 49.70 points or 0.26%

Top Bulls on Nifty are: Ultratech Cement (+2.5%), Hindalco (+2.4%), TCS (+2.3%) supported by Tech Mahindra (+2.3%) and HCL Tech (+2.1%). Meanwhile, top losers on Nifty are: Cipla (-1.8%), UPL (-1.5%), Power Grid (-1.36%), ICICI Bank (-1.36%) and Bajaj Auto (-1.3%).

Furthermore, Singapore state investment firm Temasek picked up 1.14% stake in Zomato for Rs607 crore. Temasek bought 9.8 crore shares through its investment vehicle Camas Investments at Rs62 per share in a bulk deal.

Meanwhile, Nifty IT was the top sectoral gainer, rising over 2.1% to a near-seven-month high, mirroring the overnight surge in tech-heavy Nasdaq Composite.

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