Markets in an uptrend ahead of Q2 GDP data; Sensex above 57900, Nifty nearing 17250; superiority of consumer durables; RIL, TCS and Bajaj engine

Indian markets traded on a positive note during the opening bell on Tuesday ahead of the country’s Q2 GDP figures due later today. In early trades, Sensex stock jumped up to nearly 57,935, while Nifty 50 rose near 17,250. SmallCap shares outperformed, while mid-sized stocks also added significant gains. Consumer durables led the rise, while banking, information technology, capital goods, oil, gas and metals contributed to the gain.

Heavyweight stocks saw value buying that drove both the benchmark Sensex and Nifty 50 indexes.

At around 09.40 am, Sensex was trading at 57878.07, up 617.49 points, or 1.08%. The index was near the day’s high at 57,921.18.

The Nifty 50 had a performance at 17,247.80, up 193.85 points, or 1.14%. The index was near the day’s high of 17249.05.

In the broader markets, in BSE, the SmallCap Index advanced more than 510 points, while the MidCap Index advanced more than 440 points. The Sensex Next 50 has a magnification of approximately 675 points.

In BSE, in terms of sectoral indicators, the IT and Consumer Durable Goods index outperformed by nearly 600 points and 860 points. The Bankex index jumped nearly 465 points. The oil and gas, autos, capital goods and metals indexes are up more than 1% each.

It was the Sensex Bulls – Power Grid up nearly 4% followed by Tech Mahindra and Axis Bank, up 2.5% each. Bajaj Finance rose 2.3%.

Shares like Bajaj Finserv, SBI, Titan, Infosys, TCS, ITC, HCL Tech, IndusInd Bank, NTPC, HDFC and RIL are up 1-2%. Other stocks such as Sun Pharma, L&T, ICICI Bank, HDFC Bank, Asian Paints, M&M and Bajaj Auto gained 0.5-1%.

Dr. Reddy’s lab was the only bear in the Sensex to have marginal depression.

Investors in Asian signals made cautious bets as they noted and weighed how much impact the new omicron Covid variable could have on the economy globally.

Asian stocks were trading mixed, with Hong Kong’s Hang Seng and South Korea’s Kospi both down more than 1%. Australia’s S&P/ASX and BSE Sensex outperformed Australia by more than 1%, while Japan’s Nikkei 225 rose nearly 200 points. China’s Shanghai Composite saw moderate gains.

Taiwan markets once again saw buying as the index saw the best rebound as device manufacturers saw huge inflows of orders. Chinese mid-cap stocks are building up as overall strength makes companies bounce back on order flows.

Overnight, on Wall Street, US markets are in decline with the Dow Jones closing up 230 points while the Nasdaq jumped over 1.88% to close 290 points higher. Bond yields are seeing a slight dip to 1.51% while oil is also seeing modest gains. The US Dollar Index sees a close above 96.19 as it was oversold on Friday along with most other asset classes. Gold sees profit taking as President Biden confirmed no close in the near term.

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