Markets trade higher with Nifty around 18,100

23 Jan 2023 , 09:35 AM

Indian markets were trading positive during early trading session as positive news from the Fed meeting outcome and the Union Budget on February 01 is in focus now which can take the market higher.  Except for Consumer Durable and Realty stocks, all other sectoral indices traded higher.

At around 9:35 AM, Sensex was trading at 60,783.82 up by 162.05 points or 0.27%. Nifty 50 performed at 18,074.20 higher by 46.55 points or 0.26%.

In terms of sectoral indices, on NSE, the Banking index surged nearly 290 points. The Auto and Oil & Gas index jumped nearly 0.5% each. The PSU Bank index climbed 0.7%.

Gainers on Nifty were – Tata Motors, Hindalco, Power Grid, SBI and Hero MotoCorp gaining between 0.9-1.5%.

Losers on Nifty were – Ultratech Cement, NTPC, Adani Ports, Bajaj Finserv and Adani Enterprises slipped between 0.6-1.4%.

Major Banks like Axis Bank, IDBI Bank, Canara Bank will be in focus today ahead of their Q3 earnings.

Further, companies like Container Corporation of India, Amber Enterprises India, Craftsman Automation, Butterfly Gandhimathi Appliances, Gland Pharma, Gravita India, HFCL, Jammu & Kashmir Bank, Jindal Stainless, Poonawalla Fincorp, Route Mobile, Shoppers Stop, Syngene International, Tata Communications, Tamilnad Mercantile Bank, and Zensar Technologies will be in focus today ahead of quarterly earnings.

Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up over 300 points in early trade. Most Asian markets will be closed this week for the Chinese ‘Lunar’ holidays hence the action will be in the ASX & Japanese indices with Chinese markets closing at the cusp of a new bull rally.

US markets see strong rebound with technology stocks leading the way as Nasdaq closes higher by 2.66% or 288 points while Dow Jones closes higher by 330 points.

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