Markets trade higher amid positive global cues; Nifty above 16,700 led by IT stocks

28 Jul 2022 , 09:41 AM

Indian markets trade on a positive note during Thursday’s session amid broad-based buying and bullish trends in global cues. Banking and IT stocks outperformed, while metals and realty stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings as the results beat estimates.

Globally, US markets witnessed sharp gains as the Federal Reserve hikes rates by 75 basis points with September indications of 25 to 50 & also indicating data showing slowdown in consumption.Dow Jones gains over 435 points while Nasdaq gains 470 points or 4.06%.

Back at home, tracking positive cues, Sensex has touched an intraday high of 56,391.41 and Nifty 50 has climbed to the day’s high of 16,788.85 in the early deals of the opening bell.

At around 09.42 AM, Sensex was performing at 56,286.31 higher by 469.99 points or 0.84%. Nifty 50 performed at 16,767.55 up by 125.75 points or 0.76%.

In terms of sectoral indices, Nifty IT jumped by 340 points, while Bank Nifty climbed 400 points. Nifty metals, media soared over 0.5% each to drive the broader markets.

Top bulls on Nifty were – Bajaj Finance outperformed by gaining over 5%, while Bajaj Finserv surged 5%. Tata Steel, IndusInd Bank and Infosys advanced by more than 2% each. Other heavyweights like Mindtree, LTI, Axis Bank, ICICI Bank also drive the trade.

Top bears on Nifty were – Tata Motors diving by 2.5%, while Dr Reddy’s, Sun Pharma followed with a little over 0.5% plunge. Cipla  and Bharti Airtel tumbled by 0.8% and 0.4% respectively.

Companies that will be in focus today ahead of its June 2022 quarter results are – Dr Reddy’s Lab, Nestle India, SBI Life Insurance Company, Shree Cement, Jubilant Foodworks, Vedanta, Bajaj Finserv, Punjab National Bank, Mahindra & Mahindra Financial Services, PNB Housing Finance, SBI Cards and payment Services, TVS Motor Company, Shriram Transport Finance, Chalet Hotels and Equitas Small Finance  Bank.