Markets trade positive with Nifty 50 around 18,650; IT index drags

9 Dec 2022 , 09:45 AM

Indian markets were trading on a positive note on Friday’s opening bell amid volatility. A broad-based buying was witnessed across sectoral indices with PSU Banks and metal index outperformed, while substantial gains were added by auto, banking, FMCG stocks.

At around 09.44 AM, Sensex was trading at 62,693.48 up by 122.80 points or 0.20%. The benchmark was near the day’s high of 62,735.42.

Nifty 50 performed at 18,643.15 higher by 33.80 points or 0.18%. The benchmark was near the intraday high of 18,664.70.

In terms of sectoral indices, on NSE, the Metal, Auto, FMCG index soared more than 0.5% each. Except IT, all other sectoral indices are trading in the green.

Bulls on Nifty were – IndusInd Bank (+1.5%), Tata Steel and Grasim followed with more than 1% gains each. Eicher Motors climbed 1%,  Hindustan Unilever surged 0.91%. 

Bears on Nifty were – HCL Tech tumbling over 4.5% followed by Tech Mahindra and HDFC Life plunging by 0.5% and 0.3% respectively. Apollo Hospitals and Infosys also witnessed correction and were trading lower.

Asian markets opened in the green led by the Japanese “Nikkei’ which was up over 340 points in early trade as most Asian indices rebounded with the US cues. Chinese stocks have seen global ETF flows as the reopening has sent confidence in global investors with valuations being the cheapest in over 2 years.

Overnight, on the Wall Street, US markets witnessed bounce from oversold territory as the Dow Jones closes with gains of 183 while Nasdaq gains 123 points.

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