Markets trade higher amid Q1 earnings, Nifty above 16,100 led by banking stocks

13 Jul 2022 , 09:34 AM

Indian markets began trading session on a positive note on the back of mixed global cues despite concerns over rising rrecession and inflation continues to play a spoilsport for markets outlook globally. Investors focus has now shifted towards earnings reports for June 2022 quarter. In both benchmarks Sensex and Nifty 50, a broad-based buying has been recorded with banking, auto and realty stocks outperforming. 

At around 09:31 am, Sensex was trading at 54,087.61 up by 201 points or 0.37%. Nifty 50 performed at 16,113.80 higher by 55.50 points or 0.35%.

In the early deals, Sensex has touched an intraday high of 54,211.22, while Nifty 50 climbed to the day’s high of 16,139.60.

Gainers on Nifty were – Asian Paints surging 1.7% followed by BPCL soaring 1.6%. Hindustan Unilever and L&T climbing 1.4% each, while SBI jumped a little over 1%.

Other stocks like Grasim, Tata Motors, Hindistan Unilever, Infosys, Adani Ports, Bharti Airtel, Power Grid and UPL advanced between 0.5-1%.

Index heavyweights TCS in a rally further drives the exchanges while Reliance stocks are under pressure today.

Losers on Sensex were – ONGC, HCL Tech, Hindalco and Hero MotoCorp plunged between 0.2-2%.

Companies that will be announcing their June 2022 quarterly result today and will be in focus are – Mindtree, Tata Metaliks, Gujarat Hotels, International Travel House, Premier Polyfilm, Ramasigns Industries and Jupiter Industries & Leasing.

In terms of sectoral indices, Bank Nifty surged more than 120 points, while the Auto and IT index on Nifty gained marginally.

Also, the market performance comes post release of economic data. India has announced its CPI Inflation and WPI Inflation for June 2022 and Index of Industrial Production data for May 2022.

According to the official released data, India’s Industrial Production rose19.6% in May 2022 due to favourable base. On the other side, Retail inflation spikes to 7.01% in June 2022.

On the global front, Asian markets opened in the green after the sell off from yesterday with the Japanese “Nikkei” trading higher by 170 points in early trade.