Last update:October 21, 2022, 09:36 IST
Sensex today: Domestic stock markets opened on a calm note amid a gloomy mood abroad, higher yields, and firm crude prices. The Nifty50 index rose more than 50 points to trade above 17,600, while the S&P BSE Sensex rose more than 150 points to 59,393.
While the broader markets fell, the Nifty MidCap 100 and Nifty SmallCap 100 indices rose as much as 0.4 percent.
Except for the Nifty IT and Nifty Media indices, all sectors started trading on a positive note. The Nifty Bank and Nifty Consumer Durables both gained 0.7 percent.
Among individual stocks, Axis Bank shares gained more than 3 percent after the lender posted a 70 percent year-on-year rise in stand-alone net profit to Rs 5,329.7 crore in the second quarter of FY23.
“Samvat 2079 would be remembered in the history of the Indian stock market as the year of India’s outperformance compared to developed markets and its peers,” stated VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The big question as we go into Samvat 2079 is whether this outperformance will continue. Even though India’s valuations are high from a short-term point of view, the economy and earnings fundamentals help to explain some of the premia. More importantly, DII/retail market support is becoming strong enough to overshadow FII sales. This explains why FIIs are buying (Rs 1864 crores yesterday) at a time when US bond yields are rising and the 10-year yield is at 4.23 percent. IT and banks account for the bulk of India Inc’s earnings. After TI’s strong Q2 results, leading banks are also showing very strong Q2 results, which shows that corporate earnings are on track. optimistic expectations. Axis Bank and ITC’s second quarter results have exceeded expectations. The PSU banking index has the potential to maintain its outperformance. “