Markets trade higher ahead of Q3 earnings; Sensex jumps 400 pts, Nifty around 18,000; TCS in focus

9 Jan 2023 , 09:44 AM

Indian markets traded higher on Monday as investors brace for major corporate earnings for the quarter ending December 2022 (Q3FY23) period. A broad-based buying aided the rally with benchmark Sensex earmarking over 60,300-level and Nifty 50 nearing 18k-mark. All other sectoral indices witnessed a bull run.

IT, Banking, metal and oil & gas stocks were major lifters in the early deals. SmallCap and Midcaps outperformed.

At around 9:40 AM, Sensex was trading at 60,312.95 up by 412.58 points or 0.69%. Nifty 50 performed at 17,999.60 higher by 140.15 points or 0.78%.

On broader markets, the BSE SmallCap soared over 270 points. The Midcap index surged nearly 250 points.

In terms of sectoral indices, on NSE, the IT climbed over 550 points. The Metal and Oil & Gas index also climbed over 1% each.

Top Gainers on Nifty were – Tech Mahindra, Hindalco, TCS, Tata Motors and Bharti Airtel surged between 1.6-2.3%.

Top Losers on Nifty were – Titan, Eicher Motors, ICICI Bank, Bajaj Auto and Britannia plunged between flat to 2%.

Investors await for major IT earnings as the tech giant TCS will announce its Q3FY23 earning today. Futher, Infosys, HCL Tech are lined up to announce their Q3FY23 on January 12 and Wipro on January 13, 2023, this week.

On the global front, Asian markets opened in the green led by the South Korean ‘Kospi’ & Taiwan markets.

Moreover, US markets see sharp comeback as jobs number indicates slowdown with bond yields indicating 25 basis points hike in February by the Federal Reserve. Dow Jones gains 700 points while Nasdaq jumps over 2.6% or 256 points.

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