Markets trade bullish on positive cues; IT outperforms; Tech Mahindra, Wipro in lead

11 Aug 2022 , 09:38 AM

On Thursday, trading began on a bullish note for Indian markets with Sensex climbing nearly 585 points and Nifty 50 surging by at least 161 points during the opening bell. Positive global cues lifted the markets sentiments. Sensex and Nifty 50 both recorded a broad-based buying with IT stocks outperforming. 

At around 09.36 AM, Sensex was trading at 59,397.39 up by 580.1 points or 0.99%. The index has touched an intraday high and low of 59,484.99 and 59,320.45 respectively.

Nifty 50 traded at 17,694.55 above 159.80 points or 0.91%. The index has clocked the day’s high and low of 17,719.30 and 17,684.95 respectively.

In terms of sectoral indices, on NSE, the IT index skyrockets by over 600 points, while the Banking, Auto, Realty index surged around 1% each.

On Nifty, Tech Mahindra was the top gainer soaring by 3.3% followed by Wipro up 2.4%. Heavyweight IndusInd Bank and Coal India strengthened near 2.3% each followed by Eicher Motors zooming 2%.

Stocks like ICICI Bank, TCS, Infosys, Titan, ONGC, Asian Paints, HCL Tech, Bajaj Finance, Bajaj Finserv advanced 1% each.

On the contrary, on Nifty, Tata Consumer was the top underperformer plunging 0.4% followed by SBI Life and Ultratech Cement slipping 0.2% and 0.05% respectively.

Major companies like Aurobindo Pharma, Apollo Hospitals Enterprise, Aster DM Healthcare, Bata India, Bharat Forge, Gujarat Ambuja Exports, KNR Constructions, Page Industries, Phoenix Mills, Purvankara, Quess Corp, Sapphire Foods India, Shilpa Medicare, Sunteck Realty, Trent and Wonderla Holidays.

On the Asian front, indices opened in the green led by the sharp rally in the US with inflation trajectory showing sharp decline as markets now expect the Federal Reserve to raise rates by 50 basis points in september.

Overnight, on wall street, US markets witnessed another big day as inflation reading beats expectations on the down side which sees banks & technology stocks lead the rally with Dow Jones gaining over 500 points while Nasdaq closes higher by 2.6%.