Markets trade higher; Nifty above 17,200 led by auto and metal stocks

Indian markets commenced this week’s trading session on a bull wagon tracking positive cues on Monday as investors took a breather from concerns over China-Taiwan geo political tension and positive US cues.

Back at home, a broad-based buying is witnessed with auto and metal outperforming. 

At around 09.44 AM, Sensex is trading at 57,828.03 up by 257.78 points or 0.45%. Nifty 50 performed at 17,234.90 higher by 76.65 points or 0.45%.

In the early trade, Sensex and Nifty 50 has touched an intraday high of 57,844.27 and 17,244.80 respectively.

In terms of sectoral indices, on NSE, the Banking, Metal, auto, media, pharma, consumer durables indexes have advanced marginal to 3%.

Auto and metal stocks will be in focus as companies will announce their monthly sales and production data for July 2021 in the first week of August.

Meanwhile, June 2022 quarterly results continue to influence the markets outlook.

Top bulls on Nifty are – M&M and Cipla surging over 5% each, while Maruti Suzuki, Tata Motors, Power Grid soared around 2% each.

Top bears on Nifty are – Sun Pharma tumbling 1.7%, while Britannia dipping 1% and IndusInd Bank slipped 0.85%. Hindustan Unilever and NTPC marginally down.

Stocks like ITC, UPL, Zomato, Arvind, Bajaj Consumer Care, Barbeque-Nation Hospitality, Carborundum Universal, Castrol India, Escorts Kubota, Eveready Industires India, Kansai Nerolac Paints, Max Financial Sevices, The Ramco Cements, RateGain Travel Technologies, Thyrocare Technologies, Varun Beverages will be in focus ahead of their Q1 earnings later in the day.

On the global front, US markets on Friday witnessed another big day with the best month since October 2021 as July sees Nasdaq gain over 15% while Dow Jones does nearly 10%.

Asian markets opened mixed with the Japanese ‘Nikkei’ trading flat while the ASX & Taiwan markets were in the green.The fresh geo political tension between China & Taiwan could see some profit booking in most markets.