Market Wrap Podcast, July 13: Here's all that happened in the markets today

Gains in banking stocks and index heavyweight Reliance Industries helped BSE barometer Sensex snap its three-day losing run amid a firm global market setup. Meanwhile, a lower-than-expected rise in June retail inflation helped put stimulus pullback fears at ease which further supported market sentiment.

The 30-pack index settled at 52,770, up 397 points or 0.76 per cent. While its NSE counterpart Nifty shut shop 120 points or 0.76 per cent higher at 15,812. In the Sensex kitty, nine stocks ended lower while 21 settled in the green, with ICICI Bank and HDFC twins contributing to over 50 per cent of total index gains. ICICI Bank, HDFC, Axis Bank and Sun Pharma were the top index gainers as they rose between 2-3 per cent. On the flip side, HCL Tech, DRL, Maruti and Tech Mahindra were the worst laggards.

The broader markets underperformed benchmark in trade today as the BSE Midcap index ended near flatline, up 0.01 per cent, while BSE Smallcap index closed 0.46 per cent higher at 26,188.45, after hitting all-time high of 26263.03 intra-day session.

Sectorally, Nifty Media, IT and FMCG indices ended in the red. Nifty Financial Services index, with a gain of 1.18 per cent was the best sectoral performer, followed by Nifty Private Bank index that jumped 1.38 per cent.

On the stock-specific front, shares of Tanla Platforms closed 5 per cent higher on the BSE for the second day in a row at Rs 930.55 after the company announced its board will consider buyback of equity shares of the company in their forthcoming board meeting.

Shares of SBI Life Insurance scaled fresh all-time high of Rs 1,056 in Tuesday's session. The scrip finally ended the day at Rs 1054.15, up 1.95 per cent.

NMDC jumped 3.80 per cent to close at Rs 172.05 after the company board approved the demerger of the steel business.

Going into trade on Wednesday, the action could shift to the primary market as Zomato's Rs 9,350 crore initial public offer (IPO) would hit the Street. Besides, WPI inflation data and Union Cabinet meeting will also remain on investor radar.

Lastly, the earnings announcement by index major Infosys will also be keenly watched out for. The IT major is expected to post a robust Q1 show, with PAT likely to rise 27-30 per cent on YoY basis. Furthermore, Infosys could hike its FY22 revenue guidance, believe analysts. Analysts believe that Q1FY22 earnings show could guide market trajectory ahead that has turned rangebound of late.

Meanwhile, Sanjay Mookim, head of India equity research at JPMorgan warned that as business activity resumes following one of the world’s deadliest coronavirus outbreaks, consensus earnings estimates may end up being overdone, a risk for the Indian equities that have been in a linear path since last year.