Opening bell: Markets rise as banking, auto and media stocks gain traction
Sensex climbs by 500 points, while the Nifty 50 hovers around 15,800; RIL emerges as the biggest bull.
On Thursday, Indian markets are trading in the green, following a gloomy day yesterday. Banking, IT, and auto companies are the outperformers. The Sensex and Nifty 50 indexes tracked robust global cues as US markets experienced turbulence, but on the upside, after the Federal Reserve raised interest rates by 75 basis points, the highest since 1994, to control inflation, as expected by investors.
At 10:00 AM, the Sensex jumped by 334 points and is trading at 53,875.68 levels. BSE MidCap likewise, climbed by 128 points and is trading at 22,084.02 levels, BSE SmallCap has too gained 172 points and is trading at 25,238.12 levels. The stocks trading in the green on the BSE Sensex are Maruti Suzuki, ICICI Bank, Reliance Industries, ITC, and Tata Steel.
The Nifty 50 index similarly opened higher by 85 points and is now trading at 15,777.20 levels. Bank Nifty soared by 256 points to trade at 33,595.70 levels. The gainers on Nifty 50 are Maruti Suzuki, ICICI Bank, ITC, Britannia, and Reliance Industries.
On the Sensex, the outlook is positive as out of 2,902 stocks, only 2,037 stocks advanced and only 759 stocks have declined in the morning session. Whereas, there are 134 stocks locked up in the upper circuit and 95 stocks are locked in the lower circuit today, also 42 stocks are trading at a 52-week high and there are 28 stocks that are trading at a 52-week low.
On the Asian front, the indices opened in the green, boosted by solid US cues on the wall street. The Nikkei 225 index in Japan was up over 450 points in early trade, while the Kospi in South Korea was up nearly 2% as oversold Asian markets recovered.
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