Markets rally! Sensex tops 1000 pts, Nifty 50 around 17,300; IT, Financials outperforms

14 Oct 2022 , 09:39 AM

Investors recovered some losses of the past few days on Friday as benchmarks Sensex and Nifty topped 58,000 and 17,300 mark. A broad-based buying was witnessed across sectoral indices. IT and Banking recouped some losses and were among top gainers with financial stocks also contributing major gains. Major Q2 earnings will sway markets outlook for today.

For today, another volatile day is expected as the benchmarks witness mixed bouts of buying/ selling from local and foreign investors.

At around 9:39 AM, Sensex was trading at 58,239.16 higher by 1003.83 points or 1.75%. The benchmark has touched an intraday high and low of 58,322.47 and 58,162.74 respectively.

Nifty 50 performed at 17,285.70 up 271.35 points or 1.59%. The index has clocked the day’s high and low of 17,331.65 and 17,285.20 respectively.

In terms of sectoral indices, on NSE, the IT index climbed over 650 points, soaring by 2%. The Banking and Financial index surged nearly 2% each followed by Auto, FMCG,Media, Oil & Gas, Consumer Durables index soaring 1% each.

Top bulls on Nifty were – Infosys zoomed near 4% each, while HCL Tech, ICICI Bank, L&T climbed more than 2.5% each. SBI advanced over 2%. 

Infosys stocks rally in the market today as the second-largest IT services provider in India reported a better-than-anticipated 11% increase in consolidated net profit for the September quarter at Rs6,021 crore and announced a share buyback worth Rs9,300 crore.

Companies that will be in focus ahead of their Q2 results today are Shree Cement, Bajaj Auto, Tata Elxsi, Federal Bank, Oberoi Realty, Just Dial, GI Engineering Solutions, Infomedia Press, and Plastiblends India will be in focus ahead of quarterly earnings on October 14.

On the global front, US markets witnessed biggest intraday reversal in over 1 year as Dow Jones swings over 1600 points before closing higher by 830 points. Nasdaq sees 600 points move before closing higher by 235 points.

Further, Asian markets opened in the green led by the sharp rally overnight in the US coupled with the US$ weakness which saw the Japanese ‘Nikkei’ trading higher by over 720 points in early trade.

For feedback and suggestions, write to us at [e-mail]