Markets trade higher; Nifty above 16,200 led by auto, banking stocks

8 Jul 2022 , 09:32 AM

Indian markets trade in the green led by broad-based buying and firm global cues. Major sectoral indices were trading on a positive note. Domestic equities were on the upside as markets expect a soft landing by the Federal Reserve on rates as it controls inflation & tries to avoid recession.

At around 09:31 am, Sensex was trading at 54,434.68 up by 256.22 points or 0.47%. The index was trading near the day’s high of 54,627.14.

Meantime, Nifty 50 surged by 78.90 points or 0.49% and was trading at 16,211.80. The index was also near the day’s high of 16,275.50.

In terms of sectoral indices, Bank Nifty, Nifty Auto, Nifty Media, Nifty IT, Nifty FMCG and Nifty Pharma gained between 0.2-1%. Except metals and realty, other stocks were trading in the green. Globally, oil rises with metals as oversold levels see huge short covering/value buying driving up prices. Further, IT stocks will be in focus as TCS announces its Q1 result today.

Gainers on NSE – M&M climbed by 3% followed by Larsen & Toubro and Coal India jumped by 2.5% each. Grasim and Axis Bank also jumped by 1.5% each.

Losers on NSE – Asian Paints, Tata Steel, JSW Steel, Hindalco and IndusInd Bank are the laggards plunged between 0.3-1.2%.

In terms of sectoral indices, on NSE, the banking index outperformed by strengthening 230 points. Auto index and Media stocks jumped 1% each.

On the global front, US markets end higher as talks of huge China stimulus fuels rally with the bull back in charge. Bond yields also rise to 3% as risk on sees rise in yields. 

Asian markets opened in the green led by the Japanese ‘Nikkei’ along with the South Korean & ASX markets as bulls came back in force after the China stimulus talks.