Markets trade higher on broad buys; Sensex surpasses 380 points, conveniently above 17,750

Indian markets crossed higher in Thursday’s opening bell as monthly futures and options contracts expire. Benchmarks Sensex and Nifty 50 defied weak global signals. Metals, oil and gas stocks drove performance, while IT, pharma and banking also supported sentiment. Sensex has risen close to the 60.00 level and Nifty 50 even reached the 17,780 mark in the trading session so far.

At around 9:31 am, Sensex was trading at 59,928.87, up 384.91 points or 0.65%. The index has reached an intraday high of 59,959.94.

Nifty 50 traded at 17,770.80 up 114.45 points or 0.65%. The benchmark has clocked a high of the day at 17,783.90.

Tops bulls on Nifty were – JSW Steel was up nearly 3% followed by Hindalco climbing nearly 2.21%. Stocks such as Kotak Bank, HDFC, Titan Cipla, Sun Pharma and Dr. Reddy’s were up 1.5-2%.

Top bears on Nifty were – NTPC dives down 0.62% followed by ITC down over 0.42%. Stocks like Maruti Suzuki, Eicher Motors and TCS fell marginally%.

As for BSE, the metals and oil and gas index is up almost 120 points and 70 points. Bank stocks and Pharma stocks each grew more than 0.5%.

In the Asian market, the market opened in the green, led by the South Korean and Taiwanese markets that were deeply oversold and are now seeing value purchases emerge.

On Wall Street, US markets had two volatile days as weak earnings estimates from Microsoft and Amazon see Nasdaq give up gains to close 200 points lower as the Dow Jones closes flat, but the index is up more than 6% versus the recent lows in late September .

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