Markets trade bullish led by auto, IT and oil -; gas stocks; Nifty above 17k, Sensex surges over 350 pts

20 Apr 2022 , 09:46 AM

Both benchmarks Sensex and Nifty 50 formed an upward movement on Wednesday driven by auto, IT, FMCG, oil & gas and realty stocks. The domestic equities performance also comes amid mixed global cues as the broader US market ended higher on the back of gains in technology stocks amid release of macroeconomic data. Meanwhile, with US bond yields closed near 2-year highs @ 2.90% make traders mood jittery amid rising inflation pressure, intensifying Russia-Ukraine war globally.

At around 09:45 AM, Sensex is trading at 56,830.42 up by 367.27 points or 0.65%. Nifty 50 was trading at 17,085.60 higher by 126.95 points or 0.75%.

In the early deals, Sensex has touched an intraday high of 56,968.52 and Nifty 50 clocked the day’s high of 17,100.65.

Nifty gainers were – Eicher Motors surging by 4% followed by Coal India higher by 3% and Tata Motors and Maruti advancing by 2.4% each. Other stocks like RIL, BPCL, Wipro climbed around 2% each.

Nifty underperformers were – Kotak Bank and IndusInd Bank tumbled around 1% each. Stocks like Apollo Hospitals, Bajaj Finance, HDFC Life were marginally down.

Companies that are set to announce their Q4 result today are – Angel One, Glenmark Life Sciences, Tata Elxsi, ICICI Securities, JTL Infra, Reliance Industrial Infrastructure, Ellora Trading, HCKK Ventures, Indbank Merchant Banking Services, and Ind Bank Housing.

Investors focus will remain on fourth-quarter performance for fiscal FY22.

However, the sea saw battle going on Brent crude oil prices continues to play a spoilsport for markets upside. On Wednesday, Oil prices again rose 1% after sinking in previous volatile trading session on concerns about energy demand after the International Monetary Fund (IMF) cut its economic growth outlook to 3.6% from 4% for 2022.