Expectations of healthy quarterly results push-up indices; realty stocks rise

04-10-2021 Mon 19:49 IST | IANS | Business

Mumbai, Oct 4 : Expectation of healthy quarterly results along with a likely pause in RBI's monetary policy and bottom fishing triggered a rebound in India's key equity indices after falling for the last four consecutive sessions.

Globally, markets remained on a back foot weighed by ongoing concerns over the health of property giant China Evergrande Group and ahead of an OPEC meeting.

Sector wise, realty, power, metals, capital goods and healthcare indices gained whereas consumer durables index fell.

Consequently, the 30-scrip sensitive index closed at 59,299.32 points up 533.74 points or 0.91 per cent.

The Sensex opened at 59,143 points from its previous close of 58,765.58 points.

Besides, the NSE Nifty50 ended the day's tarde at 17,691.25 points, up by 159.20 points or 0.91 per cent.

It opened at 17,615.55 points from its previous close of 17,532.05 points.

"Nifty has formed a bullish morning star pattern though its placement is normally after a deep or prolonged sell-off," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Advance decline ratio is also sharply positive. Nifty could continue its uptick and remain in the 17,576-17,781 band for the near term."

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Domestic cues remain positive as economic activities gain further momentum but the elevated valuations along with multiple global concerns would keep markets volatile."

"RBI credit policy and TCS quarterly results due on 8th September (Friday) are the two key events which will be widely tracked. The RBI is expected to maintain its policy rates but it may lay the roadmap for stimulus tapering in line with other central banks. TCS would mark the start of Q3FY22 earnings season which is expected to continue the strong earnings momentum."

In addition, Vinod Nair, Head of Research at Geojit Financial Services said: "After a week-long consolidation, the Indian market is back in action despite unfavourable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand."

"The IT sector was under consolidation before the start of quarterly results, which has led to a marginal uptick as major companies are scheduled to announce their results, which can emerge as an opportunity if the results are in line with the robust outlook. RBI Monetary Policy Meeting is another key event that is being keenly watched by the market which is expecting no change instance."


More News
Jayalalithaa's disowned foster son walks out of Bengaluru prison
5 hours ago
Telangana opposes move to transport Singareni coal to other states
6 hours ago
Maoist leader RK's last rites performed near Telangana border
7 hours ago
Netaji did not receive what he deserved in history: Amit Shah
7 hours ago
Congress announces internal election schedule
8 hours ago
T20 World Cup: Dhoni is quite excited with getting back to the environment, says Kohli
8 hours ago
Yoga as a self-care ritual
10 hours ago
'Bigg Boss Telugu 5': Nagarjuna plans sudden elimination
10 hours ago
Allu Arjun and team all set for 'pumpkin-breaking ceremony'
10 hours ago
Health is wealth & simplicity is the ultimate sophistication, says Miss Universe hopeful
11 hours ago
Make your social media platform aesthetically appealling
11 hours ago
Top 10 hackers behind $5.2 bn worth ransomware attacks in Bitcoin
11 hours ago
NASA sends Lucy mission to seek out solar system's 'fossils'
11 hours ago
Drone warfare is a new challenge, we are capable to handle it: NSG DG
11 hours ago
Manchu Vishnu takes charge as MAA president, Mohan Babu urges rivals not to quit
11 hours ago
Telangana dialect goes mainstream in Telugu cinema
12 hours ago
Rana Daggubati's next film will be a supernatural thriller
12 hours ago
Sonia counters G-23, says 'I'm full-time President'
12 hours ago
No global sports team gets as much support as Indian cricket team: Ganguly
12 hours ago
4 brothers arrested for NRI businessman's murder in Hyderabad
12 hours ago
Bill Clinton to receive treatment in hospital: Spokesperson
12 hours ago
Dhanush's first look poster features him in cowboy avatar
12 hours ago
Unicef official warns of worsening situation in Afghanistan
12 hours ago
Dozens injured during traditional stick fighting in Andhra Pradesh
12 hours ago
Chorus grows for Rahul Gandhi to become Congress president
12 hours ago
Top LeT commander among 2 terrorists killed in J&K encounter
13 hours ago
Manmohan Singh diagnosed with dengue, gradually improving: AIIMS
15 hours ago
OPPO ‘F19s' another decent contender in mid-range segment
18 hours ago
Kandahar mosque bombings toll reaches 47, IS claim responsibility
18 hours ago
Sidhu meets Rahul Gandhi, withdraws resignation as Punjab Cong president
18 hours ago