Sensex ends 393 points higher, Nifty near 15,800; RIL falls over 2% on profit booking

Sensex rallied 392.92 points or 0.75% to close at 52,699, while Nifty advanced 103.50 points or 0.66% to settle at 15,790.45.

  • Money9
  • Updated On - June 24, 2021 / 04:11 PM IST
Sensex ends 393 points higher, Nifty near 15,800; RIL falls over 2% on profit booking
Where Axis Bank on Monday posted a 94% year-on-year growth in net profit at Rs 2,160 crore, Kotak Mahindra Bank reported 31.99% YoY growth in net profit at Rs 1,641.92 crore in Q1FY22.

Indian benchmark equity indices closed higher on Thursday led by gains in index-heavyweights Infosys, TCS and HDFC Bank, tracking a positive trend in global equities. Sensex rallied 392.92 points or 0.75% to close at 52,699, while Nifty advanced 103.50 points or 0.66% to settle at 15,790.45.

“Supported by positive global equities and strong buying interest in IT stocks, the domestic market sparked a rally today. Total FDI inflow in April rose 38% YoY led by a 60% YoY rise in equity inflow reassuring continued liquidity support in the Indian market. Global investors have digested the comments from Fed officials and are looking ahead to key data releases like US jobless claims and Bank of England’s decision on interest rates,” said Vinod Nair, Head of Research at Geojit Financial Services.

Gainers and losers

Infosys, closing nearly 4% higher, was the top Sensex gainer followed by TCS, TechM and HCL Tech. Reliance Industries, falling over 2%, was the top Sensex laggard followed by Bharti Airtel, PowerGrid, SBI and HDFC.

Sectoral trends

Most sectoral indices on the NSE closed in the red, barring Nifty PSU Bank, Nifty Media, Nifty Realty and Nifty Pharma. Nifty IT, closing nearly 3% higher was the top sectoral gainer.

Broader markets underperformed with S&P BSE MidCap closing 0.51% lower and BSE SmallCap falling 0.22%.

Sharp rebound in IT stocks

According to Binod Modi, Head-Strategy at Reliance Securities, benchmarks recovered sharply mainly led by sharp rebound in financials and IT.

Improved prospects of sustained earnings recovery and recent weakness in rupee also augur well for IT stocks, he said, adding that favourable cues from global markets also aided sentiments.

Further, RIL AGM was in focus today in second half of the session, and investors seemed to be in a profit booking mode, he noted.

Global markets

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

Meanwhile, international oil benchmark Brent crude was trading 0.16 per cent higher at USD 75.31 per barrel.

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