Markets trade higher amid mixed global cues; Nifty above 17,500 led by banking, auto stocks; M-;M, Tata Consumers top gainers

31 Mar 2022 , 09:46 AM

Markets pullback from the previous sharp rally and are opened on a flat note on Thursday amid fragile global cues. Soon further, the markets gain some momentum amid volatility and Sensex jumped over 100 pts while Nifty also advanced above 17,500 levels on the last day of trading for this financial year 2022.

At around 09:45 AM, Sensex is trading at 58,825.88 higher by 141.89 points or 0.24%.

At the same time, Nifty 50 was performing at 17,551.10 higher by 52.85 points or 0.30%. 

Hindalco slipped over 2% followed by Eicher Motors diving above 1%. Stocks like Apollo Hospitals, Power Grid, Reliance dropped marginally and were under presure amid volatility.

Notably, heavyweights M&M, JSW Steel, ONGC, Tata Consumers, Hero MotoCorp were among top gainers strengthening above 1% each.

Today, Axis Banks stocks will be focus as the major bank has decided to acquire Citi bank’s consumer business for $1.6 billion.

In terms of sectoral indices, on NSE, the banking index has advanced by 200 points, while auto, FMCG and oil & gas stocks witnessed buying sentiments from the investors ahead of auto sales, F&O expiry for march series, crude oil prices and FII flows which will be closely monitored. Also, these are the major key factors that may guide market this week amidst geopolitical tension between Russia-Ukraine war. 

Broadly, US markets see profit booking on Wednesday as Dow Jones falls 66 while Nasdaq falls harder after a dream fortnight losing 170 points. US bond yields fall further to 2.33% while oil prices see a comeback gaining over 3%. 

Moreover, Asian indices opened muted with the Japanese ‘Nikkei’ trading flat while the rest of Asian markets saw mild gains. This is as markets prepare to end March seeing the best fortnight in over 3 years. South Korean markets also saw a strong rebound last week after seeing strong profit booking in fear of Covid recurrence & slowdown in manufacturing.