Indian markets traded higher on Monday as investors brace for earnings from major companies for the quarter ending December 2021 (T2FY22). A widespread buy helped the rally with the Sensex benchmark affecting over 60,300 levels and Nifty 50 approaching all 17,980 brands. With the exception of energy and consumer durables, all other sector indexes rose.
The values ââof IT, banking, automobiles and capital goods were the main drivers of the first transactions. SmallCap and Largecaps outperformed.
At around 11:43 am, Sensex was trading at 60,154.67, up 410.02 points or 0.69%. Nifty 50 posted an increase of 17,938.20 from 125.50 points or 0.7%.
In larger markets, BSE SmallCap climbed nearly 310 points. The Midcap index jumped 140 points.
In terms of sector indices, on BSE, the IT and Bankex indices have jumped by more than 450 points each. The Auto and Capital Goods index climbed 430 points and 305 points.
The top bulls on Sensex were – Maruti Suzuki, Infosys, ITC, Kotak Bank, M&M, ICICI Bank, Axis Bank, SBI and HDFC.
The best bears on Sensex were – Wipro, Asian Paint, Nestle, Dr Reddy’s Lab, RIL and HUL.
Investors expect significant IT profits. Infosys, TCS and Wipro are aligned to announce their Q3FY22 on January 12, 2022.
On the global front, investors are looking at inflation data in the United States to understand the likelihood of faster-than-expected interest rate hikes due to rapid spread in cases of the Omicron Covid-19 variant.