Markets trade bullish led by broad-based buying; Sensex tops 450 pts, Nifty over 17,400; Tata Consumers, Hero MotoCorp, Bajaj twins lead

30 Mar 2022 , 09:43 AM

Indian markets opened with a bang as bulls favoured across sectoral indices with auto, consumer durables, banking, healthcare, realty and IT stocks outperforming. In the opening bell of Wednesday, Sensex has touched an intraday high of 58,422.41, while Nifty 50 clocked the day’s high of 17,468.15. Both benchmarks continued to trade near the day’s high level as investors broadly cheered the ongoing developments between Russia-Ukraine peace talks and oil prices falling below $103 a barrel.

Back at home, Metal and auto stocks will be in focus as companies will present their monthly production and sales data in the first week of April 2021.

At around 09.45 AM, Sensex was trading at 58,397.84 up by 454.19 points or 0.78%. Nifty 50 was performing at 17,449.95 higher by 124.65 points or 0.72%.

On NSE, Tata Consumers took lead by surging over 3.5% followed by Hero MotoCorp, Tata Motors, Maruti and Cipla climbed by more than 1.5% each. Other stocks like Ultratech Cement, Grasim, Bharti Airtel, Bajaj Finance, HDFC advanced over 1% each to drive the market sentiments.

In terms of sectoral indices basis, on NSE, the banking index jumped by 250 points, while the auto and consumer durables index soared by nearly 120 points and 150 points respectively. Realty and IT sectors were also trading with marginal gains however among sectors, Nifty oil & gas and nifty metals were the only underperformer plunging by 0.64% and 1.61% respectively.

Today, Tata Consumer stocks will be focus as the FMCG major has announced to merge Tata Coffee business with itself. Further, ONGC stocks plunged below 4% today as government plans to sell off 1.5% stake in ONGC to raise Rs3000 crore via offer for sale.

Also, rating agency ICRA lowers FY23 GDP growth forecast to 7.2% due to Russia-Ukraine conflict impact which can impede investors sentiments to the market.

On the global front, Asian markets opened in the red led by the Japanese ‘Nikkei’ which succumbed to profit-booking after the stellar rally over the last fortnight. However, South Korean & Taiwan markets traded in the green as technology stocks lead the global rally in stocks. Chinese lockdown is seeing a fall in crude coupled with peace talks which bodes well for Asian Corporates & economies.