The benchmark indices were hovering near the day's high in afternoon trade. The Nifty traded above the 15,800 mark. Bargain hunting emerged after the Sensex and the Nifty corrected over 1.8% in the past three sessions.
At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 633.74 points or 1.21% at 52,832.25. The Nifty 50 index added 185.10 points or 1.18% at 15,817.20.
Infosys (up 2.08%), ICICI Bank (up 2.26%) and Bajaj Finance (up 4.76%) boosted the indices.
The buying demand was broad based. The S&P BSE Mid-Cap index gained 0.85%. The S&P BSE Small-Cap index rose 1.49%.
Buyers outpaced sellers. On the BSE, 2,240 shares rose and 918 shares fell. A total of 144 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,834.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 873.14 crore in the Indian equity market on 20 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 19,20,08,050 with 41,27,109 deaths. India reported 4,09,394 active cases of COVID-19 infection and 4,18,987 deaths while 3,04,29,339 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Single day rise of 41,383 COVID-19 infections, 507 fatalities push India's tally of cases to 3,12,57,720, death toll to 4,18,987, says heath ministry.
Economy:
The Asian Development Bank (ADB) has downgraded India's economic growth forecast for the current financial year to 10% on Tuesday, from 11% projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.
India's GDP growth recovered to 1.6% in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8% estimated in April to a revised 7.3%, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement.
Gainers & Losers:
Bajaj Finance (up 4.76%), Tech Mahindra (up 3.76%), JSW Steel (up 3.76%), Bajaj Finserv (up 3.02%) and Hindalco Industries (up 2.95%) were major gainers in Nifty 50 index.
Asian Paints (down 1.52%), Cipla (down 0.52%), Eicher Motors (down 0.47%), Mahindra & Mahindra (M&M) (down 0.33%) and Nestle India (down 0.26%) were major losers in Nifty 50 index.
Nifty Results Today:
Hindustan Unilever (HUL) (up 2.06%) and UltraTech Cement Co. (up 0.81%) will announce their quarterly results today.
Earning Impact:
Havells India advanced 4.64% after the company's standalone net profit surged 269.9% to Rs 234.30 crore on 75.7% increase in net sales to Rs 2,598.20 crore in Q1 FY22 over Q1 FY21. As compared to Q4 FY21, the company's net profit and net sales have declined by 22.5% and 22%, respectively. Profit before tax in Q1 FY22 stood at Rs 314.77 crore, up by 266.2% from Rs 85.95 crore in Q1 FY21. EBIDTA improved by 169% to Rs 353 crore in Q1 FY22 compared with Rs 131 crore in Q1 FY21. EBIDTA margin was at 13.6% as on 30 June 2021 as against 8.8% as on 30 June 2020.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.71%. The index heavyweight said that the appointment of Yasir Al Rumayyan as an independent director of the company has taken effect from 19 July 2021. On 24 June 2021, the board of the conglomerate had approved the appointment of Yasir O. Al-Rumayyan, as an additional director of the company, designated as an independent director.
Infosys rallied 2.08% after Infosys Public Services, a US-based arm of the IT major, finished the pilot of a blockchain solution designed to improve the efficiency, access and security of vital recordkeeping in Riverside County (USA). The blockchain network enables county employees to manage data effectively and securely, while easing access and lowering cost of operations. The pilot blockchain network, developed in collaboration with Amazon Web Services, Inc. (AWS) using Amazon Managed Blockchain, modernizes the once paper-centric operations of the Riverside County Assessor-County Clerk-Recorder Office. The introduction of blockchain technology enables the Office to store, recreate, and retrieve verifiable digital records, reducing the need for physical storage. The solution will also provide citizens more timely and accurate access to their records.
Global Markets:
Shares in Europe and Asia advanced on Thursday, 22 July 2021, after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups. Markets in Japan were closed on Thursday for a holiday.
Investors in Europe are awaiting the latest monetary policy announcement from the European Central Bank on Thursday.
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.
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