Markets trade higher amid mixed global cues; Nifty above 17,550

5 Sep 2022 , 09:41 AM

Markets trade higher despite a mix tone in global cues on Monday led by broad-based buying with banking and metal stocks outperforming and substantial contributions made by IT and realty, media stocks. In the opening bell, Sensex has jumped by at least 200 points with an intraday high of 59,148.67, meanwhile, Nifty 50 climbed more than 70 points with the day’s high of 17,617.70. The upside in domestic equities is ahead  of festive season and foreign inflows.

At around 09:42 AM, Sensex was trading at 58,976.23 up 172.9 points or 0.23%. Nifty 50 traded at 17,584 higher by 44.55 points or 0.25%.

In terms of sectoral indices, on NSE, the banking index advanced nearly 300 points, while the financial, metals index climbed between 1-1.5%.  IT index soared by 0.5% to support the market sentiments.

Top bulls on Nifty were – Hindalco soaring 2.5% followed by JSW Steel advancing 1.7%. ICICI Bank, Adani Ports and Tech Mahindra zoomed over 1.2% each.

Top bears on Nifty were – Divis Lab, Power Grid, Nestle India M&M and Shree Cements diving slipped 0.6-1%.

Furthermore, Paytm stock falls 3% after the ED raided its office premises. Also, Paytm clarifies on the event that it has no connection to Chinese merchants under scrutiny.

Notably, FPI inflows hit 20-month high of Rs51,200 crore in August.

On the global front, Asian markets opened muted as the Japanese ‘Nikkei’ was trading lower by 70 points even. The other indices were trading mixed as markets await further data from the US even as the US indices see a sharper then expected correction.

US markets witnessed volatile session as jobs numbers see mixed reaction with markets rallying initially only to fall sharply by the end of the day.Dow Jones swings over 840 points to end lower by 337 while Nasdaq swings 372 before closing lower by 150 points.

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