Markets trade higher led by pharma, healthcare stocks; Nifty around 16k

14 Jul 2022 , 09:36 AM

Indian markets was trading on a positive note on the back of mixed global cues despite US inflation data boosts recession fear around the globe. In both benchmarks Sensex and Nifty 50, a broad-based buying has been recorded with pharma, healthcare and FMCG stocks outperforming. However, IT, realty and banking sectors are under pressure during early trading hours.

US inflation surged to a new four-decade high in June. Investors’ worries increases as a report showing US annual consumer prices jumped 9.1% in June because of rising prices for gas, food and  rent, raising risks for economy worldwide.

Moreover, Indian rupee opened at fresh record low on July 14. The currency hit 79.73 per dollar in the opening trade against previous close of 79.63.

At around 09:31 am, Sensex was trading at 53,701.70 up by 187.55 points or 0.35%. Nifty 50 performed at 16,022.20 higher by 55.55 points or 0.35%.

Gainers on Nifty were – Apollo Hospitals surging nearly 2% followed by Sun Pharma soaring 1.8%. Britannia and Titan climbing 1.3% each, while M&M jumped a little over 1%.

Losers on Nifty were – JSW Steel, SBI, Axis Bank, Tata Steel and ITC plunged between 0.1-1%.

Investors focus has now shifted towards earnings reports for June 2022 quarter. Companies that will be announcing their June 2022 quarterly result today and will be in focus are – ACC, L&T Infotech, Angel One, Bombay Bumrah Trading Corporation, Butterfly Gandhimathi Appliances, Earum Pharmaceuticals, GTPL Hathway, Shakti Pumps (India), Tata Elxsi, Tata  Steel Long Products and Tiger Logistics (India).

In terms of sectoral indices, Nifty Pharma surged more than 130 points, while the Healthcare and FMCG index on Nifty gained marginally.

On the global front, US markets end in the red with Dow Jones seeing intra day fall of over 465 points before recovering all the losses till profit booking in the last hour sees it close down 200. 

Asian markets opened mixed with the Japanese ‘Nikkei’ trading lower by 50 points in early trade while the ASX &New Zealand markets trade in the green.