Markets bullish after 2-days selloff; Sensex tops 565 pts, Nifty 50 nears 15,790; Bank, Consumer Durables outperform; Bajaj twins, HUL, Titan, HDFC Bank drive

Hindustan Unilever, Bajaj Auto, Biocon, Hindustan Zinc and Ultratech Cement will be in focus ahead of their June 2021 quarterly results today.

Jul 22, 2021 10:07 IST India Infoline News Service

Indian markets recovered after a two-day selloff on Thursday with benchmark Sensex rising to at least over 52,768 and Nifty 50 nearing the 15,790-mark. The domestic equities tracked bullish global cues as investors concerns cooled down from virus jitters for now as focus shifts on the European Central Bank looking for reassurance that policy support to continue ahead.

Back at home, a broad-based buying was recorded across sectoral indices with banking, consumer durables and metal stocks outperforming. Power and utility stocks witnessed lacklustre demand.

India's volatility index nosedived by nearly 7%.

Hindustan Unilever, Bajaj Auto, Biocon, Hindustan Zinc and Ultratech Cement will be in focus ahead of their June 2021 quarterly results today.

Other companies that are set to announce their Q1 results later in the day are - Agro Tech Foods, Bajaj Holdings & Investment, Can Fin Homes, Chennai Petroleum Corporation, CSB Bank, Heidelbergcement India, ICICI Lombard General Insurance Company, Indian Energy Exchange, IIFL Securities, IndiaMART InterMESH, India Pesticides, Lloyds Steels Industries, Bank of Maharashtra, Mahindra EPC Irrigation, Mphasis, Persistent Systems, Music Broadcast, Shiva Cement, South Indian Bank, Sterlite Technologies, and Wockhardt.

At around 09.58 AM, Sensex was trading at 52,765.79 up by 567.28 points or 1.09%. While, the Nifty 50 was performing at 15,788.35 higher by 156.25 points or 1%.

Top bulls on Sensex are - Bajaj Finance in lead soaring by 4.3% followed by Tata Steel and Titan surging by 2.3% and 2.2% respectively. Bajaj Finserv climbed 2%. ICICI Bank and HUL jumped by 1.9% and 1.7%, while Infosys and HDFC Bank skyrocketed by 1.5% each.

IndusInd Bank, SBI, Maruti Suzuki, Axis Bank and HDFC soared more than 1% each.

On the other hand, Asian Paint and Power Grid were top losers on Sensex tumbling nearly 1% each. HCL Tech followed with a marginal downside.

In terms of sectoral indices, BSE Bankex soared by 543 points, while BSE Metal and BSE Consumer Durables jumped by 374 points and a whopping 803 points respectively.

In the Asian markets, Hong Kong's Hang Seng outperformed with nearly 480 points gains. Japan's Nikkei 225 was up by 160 points. Australia's S&P/ASX and South Korea's KOSPI index jumped by around 1% each. China's Shanghai Composite index was marginally up.

Also, the US dollar recorded weakness after hitting 93 further boosted Asian stocks. It is expected that Chinese stocks will again be in the limelight as digital and technology stocks see buying given the sharp fall over the last month.

Overnight, on Wall Street, US indices struck back with 800 points rally in 2-days as Dow Jones reclaims 34,800 and Nasdaq climbed over 200 points. Bond yields rebounded from lows of 1.15 to 1.29% as markets turn fear into opportunity with IBM, Caterpillar seeing super buying after stellar earnings. Oil prices also bounced back as demand and anticipated growth see buying from 3-month lows.

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