Markets trade higher on broad-based buying; Sensex nears 53,800, Nifty above 16k; Dr Reddy's, Infosys, Titan top bulls

9 Mar 2022 , 09:42 AM

Indian markets were on a positive note during Wednesday’s early trade despite mixed sentiments in Asian markets as the focus continues to be on the ongoing Russia-Ukraine war.

Benchmarks Sensex and Nifty 50 rallied as all sectoral indices traded in the upward direction except metals. It is expected that volatility in domestic equities will continue due to surge in crude oil prices after the US banned Russian oil imports.

At around 9:45 AM, Sensex was trading at 53,700 up 276 points or 0.52%. The benchmark has touched an intraday high of 53,793.99 and 53,367.52.

Nifty 50 performed at 16,089.10 higher by 75.65 points or 0.47%. The benchmark has clocked the day’s high and low of 16,104.25 and 15,990.

Dr Reddy’s (+1.5%), Infosys (+1.3%), Sun Pharma, Titan, Tech Mahindra and IndusInd Bank top bulls on Sensex.

Kotak Bank, Asian Paints, ICICI Bank, Nestle, Tata Steel and Axis Bank were top bears on Sensex.

In broader markets, MidCap and SmallCap indexes on BSE outperformed surging by 190 points and 290 points respectively.

In terms of sectoral indices, on NSE, the IT, Pharma, Auto stocks contributed substantially to the upside. All sectoral indices were trading higher except metals down marginally.

Also, Aviation stocks in focus today as the Civil Aviation Ministry has announced to resume international flight operations from March 27, after 2 years of gap due to Covid-19 crisis. According to the ICRA report, domestic air passenger traffic rises 19% in  February amid decline in fresh coronavirus cases in the country.

Further, HDFC stocks also rally in the market as it raises Rs10,000 crore through debentures at 7.18%.

On a global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ as markets rebound from the oversold territory with most Asian indices trading in the green. Also, Chinese stocks may be more resilient as they strike a better deal with Russia to buy oil at a discount.