Markets trade higher amid volatility; Metals outperform while IT stocks worst hit

11 Mar 2022 , 09:41 AM

A cautious tone was seen in the opening bell of Friday as investors stay sceptical over the movement of Russia-Ukraine war. However, the weak global cues keeps bulls impact limited on benchmarks Sensex and Nifty 50. A mixed stance was logged across sectoral indices with metal outperforming its counterparts and IT stocks being the worst hit.

On the global front, US stock market fell as inflation hits 40-year high ahead of Fed rate hike. Also, according to bloomberg report, overseas investors have dumped Indian stocks worth $19.8 billion, compared with $14.6-billion outflows between January 2008 to March 2009.

Back at home, at around 9:45 AM, the benchmark BSE Sensex was trading higher by 233 points or 0.42% to 55,691; while the broader NSE Nifty up 64 points or 0.38% to 16,658. Major sectoral indices are trading in the red with auto, bank, IT indices down marginally.
   
Top bulls on Nifty 50 were – JSW Steel (+1.7%), Tata Steel (+1.6%), Axis Bank (+1.1%) followed by Coal India, BPCL.
Top bears on Nifty 50 were – Tata Consumer, Tata Motors, Maruti Suzuki, Nestle India, Infosys.

In terms of sectoral indices, on NSE, the Metal index logged buying sentiments from investors to advance over 1.3%. Also, the banking index gained nearly 200 points to drive the upside trade.

Furthermore, Asian markets saw quiet trade before the weekend with the Japanese Nikkei trading lower by 150 points after the stellar rally yesterday. Most other markets would see range-bound trade as talks between Russia & Ukraine were inconclusive.