Markets trade bullish; Sensex tops 700 pts, Nifty 50 above 17,100 led by banking, auto stocks

26 Apr 2022 , 09:41 AM

Indian markets rallied in the fast lane on back of positive global cues on Tuesday and were trading on a positive note led by a sharp rally in banking, auto, consumer durables, IT, pharma, FMCG stocks. Globally, US markets ended higher amid gains in technology stocks ahead of release of macroeconomic data. Also, investors’ act positively as crude oil prices hit 52-week low on Monday as lockdowns in China hit demand look due to Covid-cases resurgence in the country. 

Further, Indian edible oil market relieved as Indonesia stated that it is not going to ban crude palm oil export which could also be beneficial to the Indian local refeining industry.
 
At around 09:45 AM, Sensex is trading at 57,291.13 up by 711.24 points or 1.26%. Nifty 50 performs at 17,165.30 higher by 211.35 points or 1.25%.

In terms of sectoral indices, on NSE, the Nifty Bank strengthened by 470 points, while the Auto and Consumer Durables index climbed by 230 points and 300 points respectively. The Pharma index soared nearly 170 points, while the Nifty IT zoomed by 340 points. Meanwhile, the Metal index jumped marginally.

Nifty gainers were – Bajaj Auto skyrocketing by more than 3%.IndusInd Bank and Hero MotoCorp followed with over 2.5% upside each. Other stocks like Tata Motors, Tata Consumers, M&M, Sun Pharma, ITC advanced between 2-2.5%.

On the contrary, Hindalco was the only loser on Nifty 50.

Companies that are set to announce their March 2022 quarterly result and will be in focus are – Bajaj Finance, HDFC Life, Aditya Birla Sun Life, KPIT Tech, Macrotech Developers in focus. Bajaj Finance, HDFC Life Insurance Company, Aditya Birla Sun Life AMC, KPIT Technologies, Macrotech Developers, Mahindra Logistics, Nippon Life India Asset Management, NELCO, Atul, AU Small Finance Bank, Gateway Distriparks, IIFL Capital Services, Sanofi India, Schaeffler India, Som Distilleries & Breweries, Tata Coffee, Tata Teleservices (Maharashtra), United Breweries, UTI Asset Management Company, VST Industries, D-Link (India), International Travel House, Gujarat Hotels, Jindal Hotels, JK Agri Genetics, and Jumbo Bag.

Globally, US markets see a big intraday recovery to close at the highs for the day with Dow Jones closing up 238 points after being down over 400 in early trade. Oil remains lower down over 4% with China lockdown seeing demand lowest in over 6 months. Bond yields also fall to close @ 2.80%.

Asian indices opened mixed as the volatility globally & uncertainty till the Federal Reserve meet on 4th May will see both sided moves in markets.