Markets bullish with Nifty 50 above 17,400; Banking index outperforms; RIL in focus today

The day begins with a positive note as Sensex and Nifty 50 benchmarks were trading bullish on Tuesday tracking mixed global cues. Sensex and Nifty 50 had a steep rally amid broad-based buying with banking, auto and metal stocks outperforming. In the opening bell, Sensex has advanced over 400 points so far while the 50-scrip benchmark has risen by at least nearly 130 points.

However, the market expect some consolidation on behalf of hawkish Fed rhetoric. Further, announcement of temporary shut down of China’s electronic wholesale hub Huaqiangbei market to curb Covid19 outbreak also dampened the sentiments of investors globally.

At around 09:40 AM, Sensex was trading at 58,370.94 up 398.32 points or 0.69%. Nifty 50 surged by 141.15 points or 0.82% and was trading at 17,454.05.

In terms of sectoral indices, on NSE, the Bank Nifty index climbed over 425 points. All the sectors are trading in the green with super upside gains where metals, financials, auto and realty stocks surged more than 1% each.

Top bulls on Nifty – Bajaj Finserv takes the lead by soaring over 4.3%, while IndusInd Bank, Bajaj Finance, ONGC and Eicher Motors followed with 2% upside each. Coal India, Adani Ports, NTPC, Maruti Suzuki advanced 1% each.

On the contrary, on Nifty, Bharti Airtel plunged nearly 1%. RIL and Asian Paints also tumbled marginally.

Further, RIL stocks will be in focus today after the announcement of plans and strategies in the AGM 2022 meet on Monday. The capital-giant company to invest Rs75,000 crore in petrochemical expansion.

On the Asian front, markets opened in the green with the Japanese ‘Nikkei’ trading higher by over 1% or nearly 300 points. Most other Asian indices also traded higher from 0.50% to 1.5% as oversold indices saw buying interest.

Meanwhile overnight on the Wall Street, US markets witnessed another weak day as collateral selling against expected higher rates sees money exit equity & buy bonds.

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