Markets trade higher on broad-based buying; Sensex nears 57,900, Nifty around 17,300; SBI Life, UltraTech Cement top bulls

29 Mar 2022 , 09:49 AM

Indian markets were on a bull run in the opening bell of Tuesday led by strong positive global cues. Sensex neared to 57,900-level, while Nifty 50 stretched its gain to near 17,300 levels in the early deals. Globally, crude oil prices slump 6% overnight due to increasing lockdowns in China which is why the crude price has come off from its premium and spark demand concerns for the traders which is the big relief for the investors globally from inflation perspective.

Meanwhile, back at home, a broad-based buying was witnessed with consumer durable stocks outperforming counterparts and leading the rally. Also, banking, financials, auto IT and realty sectors advanced amid a global bullish tone in the sector. However, metals, oil & gas and media stocks logged some profit bookings from investors during early trade on tuesday.

At around 09:45 AM, Sensex was trading at 57,866.80 up by 273.31 points or 0.47%. The index has touched an intraday high of 57,910.71.

Nifty 50 performed at 17,304.80 up by 82.80 points or 0.48%. The benchmark has touched an intraday high of 17,315.45.

Bulls on NSE were – SBI Life, Asian Paints, HDFC, HDFC Life and Ultratech Cement surging between 1.5-2.5%.

Bears on NSE were Coal India, ONGC, Dr Reddy’s, Eicher Motors and Hindalco down 0.5-2%.

Further, market regulator SEBI has allowed the option to retail investors of Ruchi Soya FPO to withdraw their applications till March 30 after violation of SEBI guidelines regarding IPO/FPO. Notably, Ruchi Soya FPO subscribed 3.6 times on its final day of bidding.

On the global window, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was trading higher by 205 points in early trade. This as China shut down sees oil prices fall over 9% which could see select oil importers do well in Asian markets. Taiwan & South Korean markets are also expected to see a rebound as technology stocks do well globally.