Sensex Jumps 500 Points, Nifty Above 17,100; Metal & Automobile Stocks Rally

Asian stock markets swung between positive and negative territory as investors remained cautious about a new virus strain and US monetary policy moves over inflation.

The Hang Seng zoomed 1.3% while the Shanghai Composite gained 0.1%. The Nikkei advanced 0.8%.

In US stock markets, Wall Street indices closed lower on Tuesday after Federal Reserve Chair Jerome Powell signaled that the US central bank would consider speeding up its withdrawal of bond purchases as inflation risks increase.

The Dow Jones Industrial Average plunged 1.9% while the Nasdaq tumbled 1.6%.

Back home, Indian share markets have opened on a strong note. Riding on positive Asian cues, and GDP data, benchmark indices advanced over 1% in early trade.

Markets staged a gap-up opening on the back of strong GDP growth of over 8% in the second quarter. With this, India continues to remain the fastest growing large economies in the world.

The BSE Sensex is trading up by 554 points. Meanwhile, the NSE Nifty is trading higher by 151 points.

IndusInd Bank and HDFC are among the top gainers today.

Dr. Reddy's Lab, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.3% and 0.1%, respectively.

Sectoral indices are trading mixed with stocks in the metal sector and automobile sector witnessing most of the buying.

Power stocks and healthcare stocks, on the other hand, are trading in red.

Shares of Rajesh Exports and KPIT Technologies hit their 52-week highs today.

The rupee is trading at 74.96 against the US$.

Gold prices are trading up by 0.1% at Rs 47,606 per 10 grams.

Meanwhile, silver prices are trading at Rs 61,646 per kg.

Crude oil prices clawed back some losses today after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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