Sensex snaps 3-session slide

MUMBAI, JUL 22 | Publish Date: 7/22/2021 1:11:42 PM IST

Market benchmarks roared back to life on Thursday after a three-session losing streak as investors piled into IT, banking and finance stocks amid a bullish trend overseas. 

A recovering rupee and optimism surrounding the flurry of IPOs added to the momentum, traders said.

The 30-share BSE Sensex soared 638.70 points or 1.22 per cent to finish at 52,837.21. Similarly, the broader NSE Nifty vaulted 191.95 points or 1.23 per cent to 15,824.05.

Tech Mahindra was the top gainer in the Sensex pack, jumping 5.65 per cent, followed by Bajaj Finance, Bharti Airtel, Bajaj Finserv, Tata Steel, L&T, Infosys and ICICI Bank.

On the other hand, HUL was the biggest laggard, tumbling 2.27 per cent, even as the FMCG major reported a 10.7 per cent increase in its consolidated net profit at Rs 2,100 crore for the June quarter. 

Asian Paints, Bajaj Auto and M&M were the other losers, shedding up to 1.73 per cent. Market breadth was in favour of bulls, with 26 of the Sensex 30 stocks closing in the green. 

According to Milind Muchhala, Executive Director, Julius Baer, Indian markets made a smart pull-back supported by the positive global set-up and a decent start to the Q1FY22 earnings season.

“Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, cement, metals) or where growth visibility remains good (such as chemicals, healthcare, etc.).

“Moreover, with the flurry of IPOs, which are seeing a very healthy response from investors, the related sectors are seeing interest due to benchmark valuations. Also with the headline index remaining steady at elevated levels, the broader market (Midcaps/Smallcaps) continues to witness a lot of excitement/participation,” he said. 

Vinod Nair, Head of Research at Geojit Financial Services, said, “Taking cues from firm global markets, domestic market witnessed robust momentum shrugging off concerns over the spread of COVID-19 and FII selling.”  

“Global markets continued to hold onto gains owing to solid earnings reports and turned its focus on the European Central Bank’s policy announcement. A confirmation by Fed to continue its supportive policy in the upcoming meet despite rising inflationary pressure will be a key factor in maintaining the direction of the rally,” he added.

BSE metal, telecom, capital goods, industrials, power and IT indices rose up to 3.02 per cent, while the FMCG gauge ended in the red. Broader BSE midcap and smallcap indices rose up to 1.52 per cent. 

Global equities shrugged off recent worries over the Delta variant of the coronavirus, with investors focussing on the upcoming ECB policy announcement. 

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with strong gains. Equities in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 1 per cent to USD 72.95 per barrel.  

The rupee strengthened against the US currency for the second straight session on Thursday, closing 15 paise higher at 74.46.

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