Markets trade higher; Nifty above 15,850 led by banking, auto, metal stocks

16 May 2022 , 09:44 AM

This week’s trading session commenced on a positive note with Sensex testing 53,000 and Nifty 50 earmarking more than 15,850-level. Monday’s trade is expected to be volatile on the back of mixed global cues. Investors appetite for Indian equities will largely be driven by global rends, economc outlook, April WPI inflation data and the ongoing corporate earnings of major companies. A broad-based buying was recorded with banking, financials and auto, metal stocks outperforming. Pharma stocks witnessed profit-booking.

In the opening bell, Sensex jumped nearly 230 points with an intraday high of 53,179.97. While Nifty 50 climbing nearly 77 points with an intraday high of 15,864.85.

At around 9:45 AM, Sensex was performing at 53,020.66 up by 227.04 points or 0.43%. Nifty 50 was trading at 15,858.65 higher by 76.50 points or 0.48%.

In terms of the sectoral indices, Nifty Bank, Auto, Financials and Realty indexes surged nearly 1% each while Nifty Metals and PSU Banks outperformed by 2% each. On the contrary, the Nifty Pharma and healthcare index were under pressure and plunged marginally.

On the broader market indices on NSE, the India VIX index outperformed by soaring 2.1%. Nifty Small-Caps and MidCaps indexes rose between 0.5-0.7%.

Top bulls on Nifty 50 were – Eicher Motors led the pack surging by 4% Stocks like JSW Steel, Tata Steel, Larsen & Toubro and Apollo Hospitals strengthened between 1.5-3%.

Top bears on Nifty 50 were – Ultratech Cement (-2.8%), Shree Cement and Dr Reddy’s plunge more than 1%. Nestle India dipped by 0.9% and Cipla shed 0.7%. 

Companies that are set to announce their March 2022 quarterly result today and will be in focus are – Bharat Forge, MCX India, Ami Organics, Century Plyboards, Dodla Dairy, Fino Payments Bank, Glaxosmithkline Pharmaceuticals, Greenply Industries, GRM Overseas, Max Ventures and Industries, Nava Bharat Ventures, Omkar Speciality Chemicals, RateGain Travel Technologies, Raymond, Shankara Building Products, Uttam Sugar Mills, and VIP Industries.

Further, Adani stocks will be in focus today as The Adani family has agreed to buy Swiss firm Holcim’s India assets, Ambuja Cements and ACC, for $10.5 billion (Rs800 billion) in one of the largest ever acquisitions by an Indian group.

Moreover, US markets logged superb comeback on Friday as short covering/value buying see Dow Jones climb 466 points while Nasdaq closes higher by 433 points or 3.82%.

Also, Asian indices opened in the green led by the Japanese ‘Nikkei’ which after Friday’s superb rally was trading higher by 350 points in early trade.