The week began on a bullish note for Indian markets with Sensex climbing nearly 486 points and Nifty 50 surging by at least 142 points during the opening bell of Monday. Positive global cues lifted the markets sentiments. Sensex and Nifty 50 both recorded a broad-based selloff with IT stocks outperforming. Expect some consolidation in the markets today with volatility being the key in derivative contracts expiry this Thursday.
At around 09.43 AM, Sensex was trading at 55,634.62 up by 305.3 points or 0.55%. The index has touched an intraday high and low of 55,781.17 and 55,615.56 respectively.
Nifty 50 traded at 16,532.60 above 82.10 points or 0.5%. The index has clocked the day's high and low of 16,592.50 and 16,528.05 respectively.
In terms of sectoral indices, on BSE, the IT index skyrockets by nearly 470 points, while the Capital Goods, Oil & Gas and Metal index surged around 1% each.
On Sensex, HCL Tech was the top gainer soaring by 3.4% followed by Tech Mahindra up 2.2%. Heavyweight TCS strengthened near 2% followed by Tata Steel zooming 1.2%.
Stocks like L&T, Nestle, Infosys, SBI, Bajaj Finserv, Kotak Bank, Bajaj Finance, RIL, Asian Paint and Bharti Airtel advanced between 0.5-1%.
On the contrary, on Sensex, Power Grid was the top underperformer plunging 1.2% followed by Bajaj Auto and HUL slipping 0.7% and 0.5% respectively. M&M, HDFC and Maruti Suzuki tumbled marginally.
On the global front, the bulls took charge in Asian markets on a broader term with Hong Kong's Hang Seng and Japan's Nikkei 225 soaring over 1.75% and 1.7% respectively. South Korea's KOSPI index and China's Shanghai Composite also jumped more than 1% each. While BSE Sensex was also in the fast lane, Australia's S&P/ASX traded marginally up.
The markets in Asia rebounded from last week's downfall that was caused by coronavirus reflecting little signs of moderating. Meanwhile, inflows in safe-haven profited the greenback dollar ahead of a key update on U.S. monetary policy.
Most other Asian markets also witnessed upside as they recovered from oversold territory. Chinese stocks will be in the limelight as rising in Covid cases has seen the closure of airports and ports, which could disrupt the global supply chain.
Last week, on Friday, on Wall Street, US indices settled the week with gains as markets focused on earnings and strength in global growth. Nasdaq led the gainers with an over 1.2% rally while Dow Jones climbed 225 points or 0.55%. Bond yields trade unchanged near 1.26% while the dollar closes near 93.2 the highest close in over 6months.
Related Tags: