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Thursday, August 5, 2021
Stocks & Shares

Indian stocks track global markets higher

BSE index

The BSE index was trading 444.17 points or 0.85 per cent up at 52,642.68, while the broader NSE Nifty soared 129.15 points or 0.83 per cent to 15,761.25

India’s equity benchmark Sensex rallied more than 400 points in early trade on Thursday, led by gains in HDFC Bank, Infosys and ICICI Bank amid a positive trend in global markets.

The BSE index was trading 444.17 points or 0.85 per cent up at 52,642.68 in initial deals, while the broader NSE Nifty soared 129.15 points or 0.83 per cent to 15,761.25.

Bajaj Finance was the top gainer on Sensex, gaining more than 3 per cent, followed by Tata Steel, HDFC Bank, HUL, ICICI Bank and Infosys, while Asian Paints, PowerGrid, Bajaj Auto and Dr Reddy’s were among the laggards.

Sensex closed 354.89 points or 0.68 per cent down at 52,198.51 in the previous session on Tuesday, while the broader NSE Nifty shed 120.30 points or 0.76 per cent to 15,632.10.

As per provisional exchange data, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,834.96 crore on Tuesday.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities are likely to see some amount of recovery during the day.

Selling pressure especially in financials due to concerns over asset quality dragged the market in the last couple of days. Further, mounting concerns over global growth due to recent rise in delta variant coronavirus cases in different parts of the world have weighed on sentiments, he said.

However, we continue to believe that the underlying strength of the domestic market remains intact and therefore any meaningful correction in the market should be taken as an opportunity to get in quality stocks, he stated.

The US equities recovered sharply as strong earnings reported by corporates and buy-on-dips in an improving economy trend overshadowed concerns with regards to spread of delta plus variants in various countries, Modi said.

On global front, Asian stocks climbed early on Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flare ups. Hong Kong Index gained 1.7%. Both South Korea and Taiwan Index gained 1% each while Japan market is shut today. SGX Nifty is up half percent while US Dow Future gained 0.1%.

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