Benchmark equity indices snapped three-day losing streak on Thursday tracking a positive trend in global peers and strong corporate earnings season. Sensex ended 638 points or 1.22% higher at 52,837, while Nifty 50 settled at 15,824, up 191 points or 1.23%.
“Taking cues from firm global markets, the domestic market witnessed robust momentum shrugging off concerns over the spread of Covid-19 and FII selling. Global markets continued to hold onto its gains owing to solid earnings reports and turned its focus on the ongoing 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,” said Vinod Nair, Head of Research at Geojit Financial Services.
All sectoral indices ended today’s session with gains. Nifty Metal climbed nearly 3%, followed by Nifty IT & Nifty Realty indices up 1.80% and 1.75% respectively. Nifty Bank & Nifty Pharma indices advanced 0.66-0.76%. Nifty Auto and Nifty FMCG indices added about 0.11% each.
The volatility index India VIX cooled off 10% to 11.88 levels.
The broader markets outperformed benchmark indices as the BSE MidCap index advanced 1.48% to 23,036. Similarly, the BSE SmallCap index rallied 1.51% to 26,395.
Bulls overpowered bears in today’s trade as 1,346 shares advanced compared to 615 stocks declining while 307 scrips remained unchanged.
The Asian Development Bank (ADB) has downgraded India’s economic growth forecast for the current financial year to 10% on Tuesday, from 11% projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.
India’s GDP growth recovered to 1.6% in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8% estimated in April to a revised 7.3%, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement.
Shares in Europe and Asia advanced on Thursday, 22 July 2021, after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups. Markets in Japan were closed on Thursday for a holiday.
Investors in Europe are awaiting the latest monetary policy announcement from the European Central Bank on Thursday.
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.
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