Markets trade higher as banking, auto, media stocks drive; Sensex tops 500 pts, Nifty 50 around 15,800

16 Jun 2022 , 09:39 AM

Indian markets traded in the green on Thursday recovering from a bearish previous day led by outperformance in banking, IT and auto stocks. The benchmarks Sensex and Nifty 50 tracked firm global cues as US markets witnessed volatility but on the upside after Federal Reserve does as per markets expectations of 75 basis rate hike its highest since 1994 to control inflation. Back at home, all the indices are trading in the green to drive the market performance.

In the early opening bell, Sensex has touched the day’s high of 53,142.50 and Nifty 50 has climbed to an intraday of at least 15,863.15.

At around 09:35 AM, Sensex was trading at 53,077.07 up by 527.32 points or 1%. Nifty 50 was performing at 15,820.35 higher by 128.20 points or 0.82%.

On the sectoral basis, Bank Nifty climbed over 300 points, while Nifty Auto and Nifty Media surged by 1% each.

Heavyweight Reliance Industries was the top gainer on NSE soaring by 2% followed by Maruti Suzuki, ICICI Bank, Bajaj Finance and Bajaj Finserv.

ITC, Tata Motors, SBI surged by more than 1% each.

On the downside, ONGC was the top underperformer on NSE tumbling 1.3%. Power Grid, Bharti Airtel, Hindalco and Nestle India slipped between 0.1-0.7%.

On the Asian front, the indices opened in the green with strong US cues & a rather ‘dovish’ Central Bank which stated that inflation could be close to peaking.The Japanese ‘Nikkei’ was trading higher by over 450 points in early trade while the South Korean ‘Kospi’ was up nearly 2% as oversold Asian markets bounce back.