Sensex Jumps 500 Pts, Nifty Trades Above 15,750
The Dalal-Street bounced back higher on Thursday, July 22 led by Financial stocks post Q1 results of companies. The global markets coupled with the earnings session in the country have contributed majorly and more stock specific action will drive the rally, said experts. The indices in the U.S markets have continuosly edged higher in the previous sessions with the Dow Jones rallying over 600 and 200 points on Tuesday and Wednesday, respectively.
At 9:45 AM, the BSE Sensex was up 473.46 points at 52,671.97, while the Nifty-50 was at 15,768.05, up 135.95 points. The 30-share pack Sensex logged gains in 25 counters, while only five remained under pressure. Shares of Bajaj Finance surged over three per cent in the morning trade despite the company's EBITDA declining over four per cent in Q1.
HDFC Bank, ICICI Bank, HUL, Tata Steel, and Titan Company were other top gainers, advancing 1-2 per cent each at the market opening.
The earnings session so far has been brilliant for the companies in the Midcap space. However, the heavyweights have missed estimates so far. Experts continue their strong stand on IT, Cement and selective Pharma stocks in the near future.
Shares of Jubilant Foodworks, Bajaj Twins, ICICI Securities, and Glandpharma should be kept in focus for the day's trade post Q1 numbers of the companies. Experts also suggest to keep an eye on dairy stocks for the day post strong results of Amul. Reliance Industries will be in major focus too as the company is expected to announce its Q1 earnings on Friday, July 23.
However, some headwinds to the market currently are the sustained outflows from the Foreign Institutional Investors (FIIs) as they have net sold shares worth Rs 7,000 crore and more in the last five trading sessions.
In the overall market performance recorded at the time of filing, 1408 shares advanced, and 306 shares declined in the NSE.
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