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Sensex climbs 639 pts, Nifty tops 15,800; IT, metal stocks outperform

Signs of a strong corporate earnings season lifted demand for risky equities

MARKET LIVE: Infy, financials lift Sensex 500 pts; Nifty above 15,750

Stock market updates: Benchmark indices snapped their three-day losing run and closed over a per cent higher on Thursday, as signs of a strong corporate earnings season and expectations that the central banks will stick to a dovish stance, at least in the near-term, lifted demand for risky equities.

The headline S&P BSE Sensex index closed the session at 52,837 levels, up 639 points while the broader Nifty50 shut shop at 15,825, up 193 points. The broader markets, on the other hand, outperformed and rallied over 1.5 per cent higher each.

Sectorally, the Nifty Metal index added over 3 per cent on the NSE, trailed by the Nfty IT and Realty indices, up around 2 per cent each.

4:02 PM

MARKET VIEW :: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

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 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.

3:49 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15800. It is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. Sustaining above 15800, the market expects to gain momentum, leading to an upside projection till 15900-15950 level. Technical indicators suggest, a volatile movement in the market in a small range. The traders to refrain from building a fresh buying position, until the market sees any further decisive movement.

3:49 PM

CLOSING MARKET COMMENTS :: Narendra Solanki, Head- Equity Research, Anand Rathi

Indian markets started on a positive note following upbeat Asian markets as investors await the latest monetary policy announcement from the European Central Bank. During the afternoon session markets traded at day’s high on the back broad based buying in frontline blue chip counters by fund and retail investors. The rally in domestic equities was also triggered by positive reaction to the latest batch of earnings reports from several big companies in US, which indicated that the world's biggest economy is on the path of recovery. Today's rally was led by Banks, financials, IT, Metals while FMCG and Auto remained flat to negative.

3:48 PM

Arvind Fashion surges 20% as firm to sell Unlimited retail biz to V-Mart

3:46 PM

IDFC jumps 11% as RBI allows firm to exit as promoter of IDFC First Bank

3:45 PM

Bharti Airtel rises over 4% on rolling out new postpaid plans

> For retail customers, the prices of Airtel postpaid plans start at Rs 399 per month and for corporate customers at Rs 299 per month.

3:43 PM

Earnings Impact :: HUL slips over 2%

> Hindustan Unilever (HUL) on Thursday posted a standalone net profit of Rs 2,061 crore for the quarter ended June 2021, implying growth of 9.56 per cent on a year-on-year (YoY) basis

3:40 PM