Opening bell: Market trades higher regardless of mixed global cues
The domestic equity barometers traded with strong gains in early trade, amid broad-based buying in index pivotal.
Markets traded between flat to slightly higher on Tuesday tracking mixed global cues. A broad-based buying across the sectoral indices lifted Sensex and Nifty 50, however, at a slower pace. The major sectors to drag the market upwards are metals, financials, auto and banks.
At 9:33 AM, the Sensex surged by 293 points and is trading at 53,527.80 levels. BSE MidCap likewise, jumped by 93 points and is trading at 22,130.77 levels, BSE SmallCap has too gained by 197 points and is trading at 25,151.85 levels. The stocks trading in green on the BSE Sensex are Bajaj Finserv, Power Grid Corporation of India, NPTC, and Tata Steel.
The Nifty 50 index similarly climbed by 77 points and is now trading at 15,912.85 levels. Bank Nifty also soared by 199 points to trade at 34,140.40 levels. The top gainers on Nifty 50 are Tata Motors, Hindalco Industries, and NTPC. While, Britannia, Hero MotoCorp, ITC, Bajaj Auto, and Mahindra & Mahindra are the top loser.
As investors await the Reserve Bank of Australia's rate decision, Asian stocks are trading higher. According to reports, the Reserve Bank of Australia will increase interest rates by 50 basis points later today. As per the data released by the Commerce and Industry Ministry on Monday, India's merchandise trade deficit rose to $25.6 billion in June 2022, 62% higher than June 2021 as a continuing global commodity super cycle kept the prices of key energy and metal imports high.
The strength is positive at present. 1,760 shares increased and 543 shares decreased on the BSE. 90 shares in all remained unchanged. On July 4, shares worth Rs 2,149.56 crore were sold by foreign portfolio investors (FPIs), while Rs 1,688.39 crore worth of shares were bought by domestic institutional investors (DIIs).
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