Market Watch: Earnings focus help Nifty rally amid weak global cues | The Economic Times Podcast

Shrugging off weak global cues, the domestic equity market behaved decoupled from the rest of the world once again today as Sensex rallied 479 points to 57,626 and Nifty50 closed above 17,100 level.

Among Sensex stocks, PowerGrid, Nestle, Axis Bank, IndusInd Bank and NTPC were the top gainers in today’s trading session, rising around 2-3.5 per cent. UltraTech Cements, M&M, HCL Tech, Nestle, Kotak Mahindra Bank and HUL also settled higher. However, Asian Paints, Dr Reddy’s Labs, Bharti Airtel and ICICI Bank ended the session with cuts.

Sectorally, Nifty Realty index was the top performer, rising 1.62 per cent. Nifty PSU Bank, FMCG, IT, private bank and auto indexes also ended with gains. Nifty Midcap50 and Smallcap50 surged 0.78 per cent and 0.87 per cent, respectively.

Mr Vinod Nair of Geojit Financial Services said that the domestic market was successful in overcoming the weak cues from global peers as it focused on quarterly earnings. The IT earnings season got off to a strong start, which improved the sector’s spirits.

The market capitalisation of all listed companies on BSE increased Rs 1.56 lakh crore to Rs 271.67 lakh crore. The market breadth was skewed in favour of bears. About 1,760 stocks declined, 1,681 gained and 130 remained unchanged.

Earlier in Asian Market, Japan’s Nikkei 225 closed flat with negative bias, while South Korea’s Kospi surged 0.47 per cent and China’s Shanghai Composite rose 1.53 per cent.

The rupee closed at 82.31 against the US dollar, ending the day almost unchanged, while Brent crude December futures surged 0.32 per cent to $94.59 per barrel.

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