Mumbai, July 22: Equity benchmark Sensex rallied 639 points on Thursday, propelled by index majors Infosys, ICICI Bank and Reliance Industries amid a positive trend in global markets.
The 30-share BSE index ended 638.70 points or 1.22 per cent higher at 52,837.21, while the broader NSE Nifty surged 191.95 points or 1.23 per cent to 15,824.05. Tech Mahindra was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Bajaj Finance, Bharti Airtel, Bajaj Finserv, L&T, Tata Steel and Infosys. On the other hand, HUL, Asian Paints, Bajaj Auto and M&M were the laggards. According to Milind Muchhala, Executive Director, Julius Baer, Indian markets have made a smart pull-back, supported by the positive global set-up and a decent start to the Q1FY22 earnings season.
"Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, cement, metals) or where growth visibility remains good (such as chemicals, healthcare, etc.).
Moreover, with the flurry of IPOs, which are seeing a very healthy response from investors, the related sectors are seeing interest due to benchmark valuations. Also with the headline index remaining steady at elevated levels, the broader market (Midcaps/Smallcaps) continues to witness a lot of excitement/participation," he said.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with strong gains. Equities in Europe were also trading on a positive in mid-session deals. Meanwhile, international oil benchmark Brent crude advanced 1 per cent to USD 72.95 per barrel.