Indian markets rally on mixed global cues
Oct 28, 2022
Mumbai (Maharashtra) [India], October 28 : Indian markets rallied on Friday as Sensex closed 203 points up at 59,959.85 and Nifty50 rallied 49 points to end at 17,786.80, picking up on mixed global cues. The rally in Indian stock indices continued as they jumped during nine out of the past 10 sessions.
BSE LargeCap rose 11.18 points to 6,909.22 with Maruti, Gail, Bosch, NTPC as active stocks on the index. BSE SmallCap declined 177.55 points to 28,688 while BSE MidCap went down 104.37 points to 25,047.34 level.
Sectorally, the BSE Auto index surged over 2 per cent. The Energy and Oil & Gas indices were the other significant gainers. The Metal index declined 1.4 per cent, and the IT index dipped 0.7 per cent.
In Nifty50, some of the most active stocks were Reliance, Apollo Hospital, NTPC and Hero MotoCorp which gained over 3 per cent, 2.96 per cent, 2.08 per cent and 1.55 per cent, respectively. Laggards were Tech Mahindra, Tata Steel, Sun Pharma and Grasim.
Meanwhile, the rupee appreciated 97 paise to close at 82.465 (provisional) against the US dollar on Friday.
At 9.53 am this morning, Sensex traded at 59,949.51 points, up 192.67 points or 0.32 per cent, whereas Nifty traded at 17,793.25 points, up 56.30 points or 0.32 per cent.
Nifty oil and gas, and Nifty auto were the top moving Nifty 50 indices this morning.
Among the stocks, Coal India, ONGC, Bajaj Auto, Reliance Industries, and NTPC were the top five gainers among the Nifty 50 basket.
Good second-quarter earnings and high trading volumes during Diwali, which is considered auspicious by the investor community, somewhat gave fuel to the financial markets.
"There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6 per cent) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023. In India, even though valuations look high from the short-term perspective, there are favourable factors that can take the market higher," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Nifty is already up by 6 per cent in October and the trend looks to continue. The resilience of banking, select autos, capital goods and telecom might continue."
