Sensex, Nifty trading higher, Metals, IT stocks are in Focus
Sensex and Nifty Today: Indian stock market indexes opened higher on Tuesday as indicated by the SGX Nifty in the morning. Nifty today opened at 15912.60, up by 70.3 points while Sensex made a positive opening of 311.35 points at 53285.19 levels. Indian markets gradually extended their early gains in the late morning session and are trading on a strong note.
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India’s largest insurance company Life Insurance Corporation ( LIC) lists at Rs 865 per share against the issue price of Rs 949 per share, almost at a 9 percent discount. The equity benchmarks extended their previous session’s gains with an optimistic start on Tuesday, following positive trade in the Asian markets.
The market sentiments got boosted by Sanjiv Bajaj, the newly elected president of industry body CII, stating that the RBI’s decision to raise benchmark interest rates and the likelihood of a good monsoon will help in containing inflation. CII estimates India’s GDP growth to be in the band of 7.4-8.2 percent, depending on the global crude oil prices.
Meanwhile, traders took a note of the report that the commerce ministry’s investigation arm DGTR has recommended for continuation of anti-dumping duty on Chinese solar glass for two years with a view to guard domestic players from cheap imports. However, the upside remained capped due to some cautiousness as Foreign Institutional Investors (FIIs) continued their selling spree.
On the global front, Asian markets are broadly higher on Tuesday. Hang Seng gained more than 2 percent and led the region. Asian markets are higher after the reports that Shanghai plans to gradually reopen after spending more than 6 weeks in lockdown. European markets are expected to open higher today.
Stock Markets at 12.30 pm IST
The benchmark indices Sensex and Nifty are trading higher by 1.72 percent and 1.79 percent respectively. The Bank Nifty is also trading higher by 1.47 percent at this moment. The broader markets are trading higher in line with their larger peers as the Nifty midcap and smallcap indexes are trading higher by 1.46 percent and 1.69 percent respectively. All the sectoral indices are trading higher at this moment led by Nifty Metals, IT, and Energy.
The top Nifty 50 gainers at this time are Hindalco, Coal India, ONGC, JSW Steel, and Tata Steel while the top losers are Cipla, Tata consumer products, Sun Pharma, Dr. Reddy’s Lab, and Tech Mahindra.
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