Markets trade bullish; Sensex tops 700 pts, Nifty above 17,900; Bank outperforms; HDFC, HDFC Bank top gainers

4 Apr 2022 , 09:41 AM

Indian markets kicked started this week’s trading session on a bullish note despite mixed global cues on Monday as investors found comfort by falling of brent crude oil globally which bolstered risk appetite in stocks. At the domestic front, broad-based buying was witnessed in both Sensex and Nifty. Except for auto and IT, all other sectoral indices witnessed upside. Banking and financial stocks outperformed after the announcement of HDFC and HDFC Bank transformational merger.

Investors cheered the GST collection data which has recorded to all-time high of Rs1.42 lakh crore in March 2022 while net direct collection also rises to 50% to record Rs13.81 trillion in FY22, according to the government released data.

Meanwhile, the markets are expected to be volatile for the week amid Reserve Bank of India (RBI) MPC meeting which will be held from April 6 to 8 this week. 

At around 09:45 AM, Sensex is trading at 59,948.43 up by 671.74 points or 1.13%. Nifty trades at 17,845.35 higher by 174.90 points or 0.99%.

Gainers on Nifty 50 were – HDFC and HDFC Bank surging over 6% followed by Titan, Divis Lab strengthening by nearly 1% each. Hero MotoCorp, SBI, BPCL also jumped to drive the bullish market.

On the contrary, Nifty 50 underperformers were – M&M in the top spot tumbling by nearly 2%. Infosys dived by 1%, while Axis Bank, ONGC, Eicher Motors dipped by around 1% each.

In terms of sectoral indices, Bank Nifty soared by 650 points. Nifty Finance Services also zoomed by nearly 650 points. Nifty Oil & Gas and Nifty Consumer Durables were also in the fast lane advancing by nearly 1% each. Nifty IT and Auto were the only laggards, trading in the red with marginal losses.