Strong Corporate Results Help Markets Retain Winning Streak

For the third session on Friday, equity benchmarks stretched their winning streak on the back of robust corporate results and positive global cues, despite the gloom cast by the pandemic, in which the Union Health Ministry reported total deaths as 2,34,083, while active cases crossed the 36-lakh mark.

Traders said investor sentiment was bolstered by a strong recovery in the rupee, which zoomed 27 paise against the dollar.

Sensex climbed 256.71 points or 0.52 per cent to finish at 49,206.47, while Nifty rose 98.35 points or 0.67 per cent to 14,823.15.

In the Sensex pack, HDFC was the top performer, rising 2.70 per cent after reporting a 31 per cent jump in consolidated net profit at Rs 5,669 crore for the March quarter. Other prominent winners included M&M, Bajaj Finserv, NTPC, Bharti Airtel, ITC, ONGC and UltraTech Cement, which rose by 2.68 per cent. Losers included Bajaj Auto, Bajaj Finance, Infosys, Kotak Bank and ICICI Bank, which fell by 2 per cent.

Over the week, Sensex advanced 424.11 points or 0.86 per cent, and Nifty jumped 192.05 points or 1.31 per cent.

“Market opened with a gap, tracking heavyweight gains and was able to maintain its optimism to the end, supported by the global market. Global bourses were largely positive as easing restrictions on movement in the US and Europe, along with expectation of better US job data, signaled a faster economic recovery in western markets. “Metal stocks are continuing their upbeat movement on improved sectoral outlook, while mid-cap stocks underperformed their peers,” said Vinod Nair, research head at Geojit Financial Services.

BSE metal, basic materials, telecom, power, realty, oil and gas, utilities and finance indices rallied up to 5.29 per cent, while consumer durables, capital goods and IT ended in the red. The broader BSE midcap index slipped 0.04 per cent, while the smallcap gauge rose 0.15 per cent.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were in the red, while Tokyo and Seoul ended on a positive note. Exchanges in Europe were trading gains in mid-session deals, while Brent crude was trading 0.25 per cent lower at $67.92 per barrel. 

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 1,222.58 crore.