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

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

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

India VIX eases 9.99% to 11.88

>> VIX is an indicator of volatility

3:39 PM

Sector Watch | All sectors on NSE close in the green

3:37 PM

Sensex Heatmap | Top gainers & losers in today's trade

> Top gainers: Tech Mahindra, Bajaj Finance, Airtel

 

> Top losers: HUL, Asian Paints, Bajaj Auto

3:34 PM

CLOSING BELL: Sensex snaps 3-day losing run, jump 639 points

Benchmark indices Sensex and Nifty returned to green after a three-day gap, mainly helped by gains in Infosys, RIL, ICICI Bank and Bajaj Finance. The BSE Sensex closed at 52,837, up 639 points or 1.22 per cent. Its NSE counterpart Nifty50 settled at 15,824, up 192 points or 1.23 per cent.

2:38 PM

Telecom firms staring at possibility of excess backhaul spectrum fee

With the department of telecommunications (DoT) allocating telcos the crucial “backhaul” spectrum — for last mile connectivity between towers through microwave linkage — by an administered price mechanism, telecom operators could be staring at the possibility of once again paying retrospectively to the government. READ MORE

2:28 PM

Arvind Fashions to sell Unlimited retail biz to V-Mart Retail; stock up 16%

"Arvind Lifestyle Brands Limited (ALBL), a wholly-owned subsidiary of Arvind Fashions Limited (AFL), has signed definitive agreements for strategic sale of assets of its Unlimited retail business to V-Mart Retail Ltd. in an all cash transaction,” Arvind Fashions said in a media release. READ MORE

2:14 PM

NEWS ALERT :: Bharti Airtel announces new postpaid plans for corporate and retail users

>> The company has discontinued its Rs 749 Family Postpaid Plan for new customers and will now offer Rs 999 as the only Family Postpaid Plan with enhanced data benefits 

1:54 PM

HUL Q1 net profit rises 10% YoY to Rs 2,061 crore, revenue jumps 13%

The standalone revenue from sales of products during Q1 of financial year 2021-22 (FY22) rose 12.72 per cent YoY but declined 1.8 per cent quarter-on-quarter (QoQ) to Rs11,730 crore. The figure stood at Rs 10,406 crore in the same quarter last year and at Rs 11,947 crore in the preceding quarter.

 

Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 8 per cent YoY to Rs 2,847 crore as against Rs 2,644 crore. Ebitda margin for the period declined by 110 bps YoY. READ MORE