Markets trade bullish as banking, auto, IT stocks gain

Indian markets trade in the green led by broad-based buying and positive global cues. All sectoral indices were trading on a positive note. Domestic equities were on the upside as US-based IT majors indicate continued robust demand for IT. 

At around 09:40 AM, Sensex was trading at 52,862.29 up by 596.57 points or 1.14%. The index was trading near the day’s high of 52,909.87.

Meantime, Nifty 50 surged by 147.45 points or 0.95% and was trading at 15,704.10. The index was also near the day’s high of 15,725.85.

In terms of sectoral indices, Nifty Consumer Durables, Nifty Media, Nifty Realty, Nifty IT, Nifty FMCG and Bank Nifty gained between 0.5-1%.

Gainers on NSE – IndusInd Bank, ONGC climbed by 2.7% each. ICICI Bank, Tata Consumer, Hindustan Unilever jumped by 1.6% each.

Losers on NSE – Tech Mahindra and Asian Paints are the  only two laggards plunged by 0.3% each.

In terms of sectoral indices, on NSE, the banking index outperformed by strengthening 470 points. Consumer Durables and auto index jumped 200 points and 160 points respectively

On the global front, Asian indices opened in the green led by the South Korean ‘Kospi’ which has been underperforming the region since last month.

Overnight, US markets see a positive session for all indices with Dow Jones closing higher by 194 points while Nasdaq jumps over 179 points as technology stocks lead the gainers.