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Domestic benchmark equity indices started the week with a gap up to touch new record highs as investors weighed corporate earnings against concerns about inflation and economic recovery. In opening trades Sensex scaled to a new peak of 61,817 higher by 512 points or % 0.83%. Likewise, the Nifty 50 was quoting at 18,454 adding 115 points or 0.63%.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Baring Nifty Pharma (down 0.24%) all the sectoral indices opened higher on the NSE. Nifty Metal index was shining bright with gains of 2.67%, while Nifty IT, Nifty Auto, Nifty Bank, Nifty FMCG, Nifty Realty indices rose anywhere between 0.60-0.96%.
The volatility gauge India VIX spiked by 7.13% to 16.89 levels.
Broader markets
The broader markets mirrored gains in benchmark indices as the BSE MidCap index advanced 236 points or 0.89% to 26,936. Whereas the BSE SmallCap index was trading above the 30,000 mark at 30,192 gaining 299 points or 1%.
Bulls overpowered bears in today’s session as 1,977 stocks advanced compared to 791 declined and 159 remained unchanged.
Earnings today
UltraTech Cement, Larsen & Toubro Infotech, Route Mobile, Alok Industries, Concord Drugs, Craftsman Automation, Gujarat Hotels, Hathway Bhawani Cabletel & Datacom, Hatsun Agro Product, International Travel House, Lloyds Steels Industries, Navigant Corporate Advisors, Sunedison Infrastructure, SVP Global Ventures, Tanfac Industries, Tata Coffee, and Uniply Decor are set to release their September 2021 quarter earnings today.
Global markets
Overseas, Asian stocks are mostly trading lower Monday as investors reacted to the release of key Chinese economic data.
China’s economic growth continued to decelerate in the third quarter, as the gross domestic product came in at 4.9%, softened by the country’s zero-tolerance COVID measures and energy shortages. The figure slid from 7.9% for the April-to-June quarter, weighed down by high commodity prices amid uncertainty kindled by the Evergrande Group’s debt crisis, which is piling risk onto the property and banking sectors.
US stocks rose on Friday as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks.