Markets trade higher ahead of major Q3; Sensex tops 60,150, Nifty 50 nears 17,940; IT, Bank, Auto outperform; Maruti, Infosys, ITC top bulls

10 Jan 2022 , 11:54 AM

Indian markets traded higher on Monday as investors brace for major corporate earnings for the quarter ending December 2021 (Q2FY22) period. A broad-based buying aided the rally with benchmark Sensex earmarking over 60,300-level and Nifty 50 nearing 17,980-mark. Except for energy and consumer durables, all other sectoral indices witnessed a bull run.

IT, Banking, auto and capital goods stocks were major lifters in the early deals. SmallCap and Largecaps outperformed.

At around 11.43 am, Sensex was trading at 60,154.67 up by 410.02 points or 0.69%. Nifty 50 performed at 17,938.20 higher by 125.50 points or 0.7%.

On broader markets, the BSE SmallCap soared nearly 310 points. The Midcap index surged 140 points.

In terms of sectoral indices, on BSE, the IT and Bankex index jumped over 450 points each. The Auto and Capital Goods index climbed 430 points and 305 points.

Top bulls on Sensex were – Maruti Suzuki, Infosys, ITC, Kotak Bank, M&M, ICICI Bank, Axis Bank, SBI and HDFC.

Top bears on Sensex were – Wipro, Asian Paint, Nestle, Dr Reddy’s Lab, RIL and HUL.

Investors await for major IT earnings. Infosys, TCS and Wipro are lined up to announce their Q3FY22 on January 12, 2022.

On the global front, investors eye US inflation data to understand the probability of quicker-than-expected interest rate hikes on the back of rapid spread in cases of the Omicron Covid-19 variant.