Markets rally tracking Asian equities

5 Jun 2023 , 01:13 PM

In the Monday afternoon session, markets are trading in a positive sentiment driven by sustained gains in the auto index. The rise in markets is in line with the uplifted mood among Asian peers owing to higher anticipation that US Fed Reserve is likely to pause interest rate hikes.

On the sectoral front, Nifty Auto stocks are driving the rally, followed by Nifty Media. Nifty Bank and Financial Services are trading higher. All other indices are also extending marginal gains.

At around 1.00 PM, BSE Sensex is trading 311 points higher at 62,858. NSE Nifty is trading at 18,613, registering an uptick of 79 points.

On the gainers’ chart, Mahindra & Mahindra (+3.31%) and Axis Bank (+2.55%) are trading 3% higher. Tata Motors (+2.19%) is trading 2% higher. Grasim Industries (+1.63%) and L&T (+1.43%) are up by over 1.5%.

Divis Lab (-1.42%) is the top laggard on the nifty index today, followed by Asian Paints (-1.15%). BPCL (-1.01%), Tech Mahindra (-1.01%), and Nestle India (-0.92%) are trading nearly 1% lower.

Amidst an upward trend in the markets, only 18 stocks declined on the nifty index. 32 stocks on the index advanced today.

Globally, investors await monetary policy meetings to be held in the United States.

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