Stocks Rise: Healthy Q3 results buoy indices; realty scrips up

Mumbai, Jan 17 (IANS) Expectations of healthy Q3FY22 results buoyed India’s key equity indices — S&P BSE Sensex and NSE Nifty50 — on Monday.

Globally, Asian share markets were mixed on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy.

Similarly, European stock markets opened higher on Monday as investors look past concerns about looming US interest rate hikes and China’s slowing economy.

On the domestic front, volumes on the NSE were in line with the recent average.

Among sectors, realty, power and auto indices rose the most whereas healthcare and bank indices fell the most.

Consequently, the Sensex and Nifty settled at 61,308 points and 18,308 points, up 0.14 per cent and 0.29 per cent from their previous close, respectively.

“Nifty has risen after a day of pause and the advance decline ratio also remains healthy,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“However, the day-on-day gain as well as the intra-day range remains small. 18164-18342 seems to be the range for the Nifty in the near term.”

According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services: “Markets have recovered from its low and it is sustaining well above 18k mark over last couple of days. Q3 result season has started on a good note with several heavy weights reporting in-line to better-than-expected numbers.”

“Nifty is trending upwards while Bank Nifty is witnessing some consolidation and a pause in its momentum.”

In addition, Vinod Nair, Head of Research at Geojit Financial Services said: ”In a week guided by the release of various corporate earnings, domestic indices edged higher on a flat note led by consumer durables, energy and auto stocks.”

“Asian markets were largely mixed post the release of China’s 4th quarter GDP data reporting an expansion of 4 per cent YoY as Covid restrictions and property woes hit demand. Rising covid cases globally continue to colour investor sentiments.”

–IANS

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