Opening bell: Indices trade higher with the Nifty hovering around 16200 level
The Sensex rises 300 points, and the Nifty50 crosses 16200, led by financial and oil and gas stocks.
Indian markets are trading in the green, supported by widespread buying and solid international cues. The major sectoral indices were trading favourably. As the Federal Reserve attempts to contain inflation and avert a recession, markets anticipate a gentle landing by the Fed on interest rates, which helped domestic equities perform well.
At 10:02 AM, the Sensex surged by 248 points and is trading at 54,407.16 levels. BSE MidCap likewise, gained by only 1 point and is trading at 22,612.13 levels. BSE SmallCap has too jumped by 93 points and is trading at 25,662.49 levels. The stocks trading in the green on the BSE Sensex are Larsen & Toubro, Axis Bank, UltraTech Cement, ICIC Bank, and NTPC.
The Nifty 50 index similarly climbed by 81 points and is now trading at 16,214.35 levels. Bank Nifty also soared by 247 points to trade at 35,167.30 levels. The top gainers on the Nifty 50 are Larsen & Toubro, Axis Bank, Grasim Industries, Coal India, and UltraTech Cement. While, Tata Steel, JSW Steel, Maruti Suzuki, Eicher Motors, and Asian Paints are the top loser.
On a worldwide scale, US markets close higher as speculation on a big stimulus package for China ignites a surge with the bull taking the lead. As risk-on yields increase, bond yields also increase to 3%. The top indices rose as a result of gains in the financial, IT, and oil and gas sectors. The mood on Dalal Street was helped by the strength seen throughout international markets after the Fed suggested a more moderate programme of increases in COVID-era interest rates.
The market breadth was strong. On the BSE, 1,722 shares rose and 672 shares fell. A total of 89 shares were unchanged. On July 07, shares worth Rs 925.22 crores were sold by foreign portfolio investors (FPIs), while Rs 980.59 crore worth of shares were bought by domestic institutional investors (DIIs).
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