Sensex, Nifty Trade Higher Led By IT Stocks

The Indian markets opened flat with positive bias on Friday, July 30 and later edged higher led by a sharp rally in the IT stocks on good quarter numbers. At 10:00 AM, the frontline S&P BSE Sensex was trading higher by 139.54 points at 52,792.61, and the Nifty-50 was at 15,819.45, up 41 points.

Experts feel that the result season so far has been positive and it has helped the markets to sail through the headwinds of a possible third wave of COVID-19, commodity led inflation and other concerning factors.

"The result season so far has been healthy and is providing a support to the market. So far 25 Nifty companies have declared their results with their aggregate Sales and PAT being up 46% and 71% YoY respectively," said Siddhartha Khemka - Head of Retail Research at MOFSL.

The 30-share pack Sensex saw advances in 18 scrips during the morning trade. Shares of Tech Mahindra surged more than eight per cent to mark a fresh record high of Rs 1,233 post strong results for the June quarter. HCL Tech & Power Grid Corp also gained more than three per cent and supported the index to trade higher.

The broader markets were however trading higher than the benchmark indices. Both BSE Midcap and Smallcap surged around a per cent each. Shares of TVS Motor and Ashok Leyland advanced 6-8 per cent in the Midcap space. The overall auto index also jumped more than a per cent.

Companies like Britannia Industries, Sun Pharma, UPL, Bandhan Bank, JSW Energy, and Rossari Biotech are scheduled to announce their earnings for the June quarter later today.

In the overall market breadth, 1160 shares advanced, while 565 shares declined. 

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.