Market trades higher, Nifty inches toward 10,700; RIL, banks gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The market continued to trade higher with the BSE Sensex trading at 34,956 points and the NSE Nifty inching towards 10,700 points at 10,687 points.

The NSE Nifty briefly touched 10,700 after February 5, 2018, but is now back in the 10,600 range.

RIL stock gained, but was no longer trading at its peak. The stock gained by 2.62% as against the morning numbers, 2.88%, ahead of its earnings.

The banks – SBI, ICICI and Axis Bank- are the top three gainers and bank gainers today. Axis Bank is topping the list, despite a disappointing Q4 result which was announced yesterday.

The market opened higher backed by global cues with the BSE Sensex trading at 34,844 points and the NSE Nifty trading at 10,655 points.

The Asian markets are trading in the green with Korea’s KOSPI and Japan’s Nikkei gaining by around 0.70%.

The US market ended higher backed by stellar earnings. Dow Jones gained more than 200 points in trade and ended at 24,322 points. Nasdaq and S&P 500 (US) gained more than a percent.

The SGX Nifty is trading 10,680 levels, continuing to indicate positive cues for the Indian market today.

Along with RIL, Maruti, Shoppers Stop, IDFC, RBL Bank, among others will declare their quarterly earnings today.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow