Markets rally on broad-based buying; Nifty above 17k led by banking, metal stocks

29 Sep 2022 , 09:38 AM

Indian markets rebounded on Thursday from previous day broad-based selloff. Benchmarks Sensex made a stellar upside by surging more  than 500 points, while Nifty 50 reclaimed 17k level. SmallCap stocks outperformed. Meanwhile, banking stocks led the bull charge with significant contributions made by metal, auto, realty, oil & gas and realty stocks in the winning streak.

At around 09:36 AM, Sensex was trading at 57,111.63 higher by 513.35 points or 0.91%. Nifty 50 performed at 17,004.75 up by 146.15 points or 0.87%.

In terms of broader markets, the BSE SmallCap outperformed its counterparts by surging more than 380 points. Also, large-cap stocks drove the performance.

In terms of sectoral indices, on NSE, the Banking index skyrocketed nearly 430 points. The Metal index soared nearly 140 points. Auto, FMCG, Oil & Gas surged more than 1%.

The top bulls on Nifty were – Hindalco soaring 3% followed by Tata Motors and Tata Steel climbing 2.4% each. IndusInd Bank and ONGC jumped around 2% each.

Stocks like Adani Ports, ITC, NTPC, Sun Pharma, SBI, Coal India, M&M advanced 1.4-1.8%.

Benchmark heavyweight Reliance Industries also surged around 1% adding further to the upside. 

Top bears on Nifty were – Asian Paints dived more than 1.5%. Cipla, Britannia, Hero MotoCorp, Shree Cements slipped were marginally down.

On the global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up over 300 points in early trade.

Overnight, on the Wall Street, US markets finally rally after six days consecutive fall as Dow Jones rebounds to close higher by over 550 points while Nasdaq rallies over 220 points.

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