Markets trade positive; Nifty hits fresh record high; Auto, metal index drive

30 Nov 2022 , 09:39 AM

Indian markets traded in the green led by broad-based buying on Wednesday’s opening bell. Except for IT and Consumer Durables, all other sectoral indices witnessed upside. The domestic equities followed the mixed trend in global cues amid major economic developments and ahead of Federal statement.

Meanwhile. the tone of the markets back at home is seen as volatile. IT index has underperformed, while auto and banking stocks also witnessed substantial gains. India’s volatility index has nosedived nearly 1.5%.

At around 9:40 AM, Sensex was trading at 62,815.54 higher by 133.7 points or 0.21%. The index was near the day’s high of 62,865.74.

Nifty 50 traded above 45.35 points or 0.24% at 18,663.40. The index hits fresh record high of 18,679.55.

In terms of sectoral indices, on NSE, the Auto and Metal index soared nearly 1% each. Banking and FMCG index climbed over 0.5% each. While the IT and consumer durables index were under selling pressure.

Bulls on Nifty were – Hindalco (+1.6%), Bajaj Auto, M&M, Dr Reddy’s surging above 1% each. Stocks like Grasim, UPL, Tata Motors, Hero MotoCorp, Britannia gained between 0.7-0.9%.

Bears on Nifty were – Infosys, Power Grid, HCL Tech, Maruti Suzuki and Tech Mahindra down between 0.2-0.6%.

On the global front, Asian markets opened mixed with the Japanese ‘Nikkei’ seeing profit booking in early trade trading lower by 178 points while most other Asian indices traded higher after the big rally in the Hang Seng yesterday. The index rose over 5% to record its best rally in over 3 months.

Overnight, on the wall street, US markets closed on a volatile note with Dow Jones ending flat while Nasdaq sees cuts of 65 points. Most inventors await the Federal Reserve statement today on rates & inflation outlook with bond yields rising to 3.73%.

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