Markets rally on broad-based buying; Sensex tops 500 pts; RIL, TCS, Infosys drive

8 Sep 2022 , 09:39 AM

Indian markets kick-started Thursday’s trading session on a bullish note led by positive global cues. Benchmarks Sensex made a stellar upside by adding more than 500 pts in early deals, while Nifty 50 also added nearly 135 points. The Mid Cap and SmallCap stocks outperformed and added half a percent each. Meanwhile, banking and IT stocks led the bull charge with significant contributions made by auto, power, financial and metal stocks in the winning streak.

Auto stocks are in focus as the total vehicle retail for the month of August 2022 saw a robust growth of 8% yoy. Two-wheeler sales rises by 8.5% at 10,74, 266. Also, Three-wheeler sales jump by 83% yoyto 56,313, as per data released by FADA.

At around 09:36 AM, Sensex was trading at 59,427.2 higher by 398.51 points or 0.68%. Nifty 50 performed at 17,742.90 up by 118.50 points or 0.67%.

In the early deals, Sensex hit intraday high of 59,520.31. Whereas, the Nifty 50 has hit an intraday high of 17,768.45.

In terms of broader markets, the BSE SmallCap surging more than 250 points. Also, large-cap stocks drove the performance.

In terms of sectoral indices, on NSE, the Banking index skyrocketed nearly 330 points. The IT index soared nearly 320 points. The PSU Bank index surged more than 1%.

The top bulls on Nifty were – BPCL soaring 1.7% followed by Asian Paints climbing 1.6%. Tech Mahindra, IndusInd Bank and Bharti Airtel jumped more than 1.4% each.

Benchmark heavyweight Infosys, TCS, RIL also surged around 1% adding further to the upside.

Stocks like Ultracement, Shree Cements, M&M, Hindustan Unilever, Wipro advanced 1.2-1.9%.

Top bears on Nifty were – SBI Life, Coal India and ONGC dived marginally.

On the Asian front, markets opened in the green led by the Japanese ‘Nikkei’ which rallied over 450 points in early trade.

Overnight on Wall Street, US markets bounce back from oversold territory as markets discount Federal Reserve move on rates in end September. Dow Jones gains over 430 points while Nasdaq climbs over 240 points.

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