Markets trade bullish on positive cues; IT, metals, banking and auto stocks in fast rally

26 Aug 2022 , 09:33 AM

The last day of this week began on a bullish note for Indian markets with Sensex climbing nearly 520 points and Nifty 50 surging by at least 140 points during the opening bell of Friday. Positive global cues lifted the markets sentiments. Sensex and Nifty 50 both recorded a broad-based buying sentiments with IT stocks outperforming. Expect some consolidation in the markets today with volatility being the key ahead of Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium.

At around 09:35 AM, Sensex was trading at 59,218.92 up by 444.2 points or 0.76%. The index has touched an intraday high and low of 59,290.56 and 59,049.19 respectively.

Nifty 50 traded at 17,654.70 above 132.25 points or 0.75%. The index has clocked the day’s high and low of 17,667.55 and 17,613.75 respectively.

In terms of sectoral indices, on NSE, the IT index skyrockets by nearly 450 points, while the Consumer Durables and Metal index also surged over 1% each.

On Nifty, Coal India was the top gainer soaring by 2.2% followed by M&M up 2.1%. Tata Steel strengthened near 2% followed by Hindalco and JSW Steel zooming 1.7% each.

Stocks like Infosys, UPL, Wipro, Tata Motors, TCS, Hero MotoCorp, Adani Ports, L&T advanced between 1-1.5%.

On the contrary, on Nifty, Eicher Motors was the top underperformer plunging 1.1% followed by Bharti Airtel slipping 0.7%. Nestle India and Asian paints tumbled marginally.

On the global front, Asian markets were bullish led by the Japanese ‘Nikkei’ which was higher by over 270 points in early trade. The Hong Kong index “Hang Seng ” saw its best rally in over 3 months as easing of policy rates by the Chinese Central Bank saw banks & realty stocks outperform.

Overnight, on Wall Street, US markets also witnessed smart rally as oversold markets react positively to results from Software & Banks with Dow Jones gaining over 330 points while Nasdaq rallies over 200 points or 1.7%.

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