Sensex, Nifty trade higher led by consumer durables and IT stocks
Mumbai, July 16
Indian equity benchmark indices traded higher in the morning session on Thursday despite mixed global cues.
Sensex jumped over 300 points or 0.42 per cent to hit an intraday high of 77,514.30 in early trade, while Nifty rose 88 points or 0.36 per cent to 24,167 amid buying in consumer durables, IT and auto stocks.
Nifty Consumer Durables index surged 1.63 per cent, followed by Nifty IT, which gained 1.38 per cent, Nifty MidSmall IT & Telecom, up 1.13 per cent, and Nifty Auto, which advanced 0.72 per cent.
On the downside, financial stocks remained under pressure, with the Nifty MidSmall Financial Services index falling 1 per cent and Nifty Financial Services Ex-Bank declining 0.88 per cent. Nifty Realty, Nifty PSU Bank and Nifty Private Bank indices also traded lower.
SBI Life, HDFC Life, ONGC, Axis Bank, BEL, Max Healthcare Institute, Grasim Industries and Apollo Hospitals Enterprise were among the top laggards on the Nifty.
Analysts said the market is likely to trade in a narrow range with a positive bias as crude oil prices remain broadly steady and global markets stabilise.
Investors will closely track the June quarter earnings season, with banks and NBFCs expected to post healthy numbers backed by robust credit growth, according to them.
They further noted that automobile companies are also likely to remain in focus amid expectations of strong quarterly growth, supported by GST cuts and easier availability of finance, while profitable digital platform companies could continue to attract investor interest.
Meanwhile, Brent crude rose 0.71 per cent to around $85 a barrel, while US West Texas Intermediate (WTI) crude gained 1.24 per cent to $80.59 a barrel.
Among Asian markets, Japan's Nikkei traded over 2 per cent lower and South Korea's KOSPI declined around 6 per cent, while Hong Kong's Hang Seng gained about 2 per cent.
— IANS
Reader Comments
Happy to see IT stocks bouncing back after the recent correction. With Q1 earnings season underway, fingers crossed for more surprises from the sector. 🤞
Financial stocks dragging the indices down again. SBI Life and HDFC Life are big laggards – wonder if that's a buying opportunity or a warning sign. Always tricky with insurance stocks during earnings season.
Typical range-bound market with selective buying. Auto stocks looking good with GST cuts – Maruti and Tata Motors should benefit. But retail investors need to be cautious: don't chase momentum blindly. 📉
Jio and other digital platforms are the future – that's where smart money is going. Good to see Nifty IT and telecom gaining. But oil prices creeping up is a concern for our import-dependent economy. 🇮🇳
Not too excited about today's gains. The rally is narrow – only consumer durables and IT. Financials falling suggests credit growth may not be as robust as analysts claim. Let Q1 numbers speak for themselves.
Global markets mixed but India holding up well. Brent at $85 is manageable. Focus should be on earnings – banks and NBFCs could surprise. Long-term investors should keep SIPs going.
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