New Delhi : Expecting a healthy Q3FY22 earnings for companies, Indian equities traded in the green and settled positive on Monday.
Accordingly, the Sensex and Nifty settled at 60,395 points and 18,003 points, up 1.09 per cent and 1.07 per cent from their previous close, respectively.
“Amid weak global markets and rising Covid cases, the domestic market displayed strong momentum on expectations of a healthy start to the earnings season. PSU Banks led the sectorial rally as reports suggested an increase in FPI limits while the realty sector followed the trend on robust sales numbers and expectations of support measures in the upcoming budget,” said Vinod Nair, Head Of Research at Geojit Financial Services.
Latest data shows FPIs have infused Rs 3,695 crore in equity segment so far in January 2022.
All sectoral indices rallied during Monday’s session, NSE data showed.
Amongst the stocks, UPL, Hero Motocorp, Titan, SBI, and Maruti Suzuki India jumped the most, rising 4.6 per cent, 3.3 per cent, 3.1 per cent, 2.8 per cent, and 2.7 per cent, respectively.
On the other hand, Wipro, Nestle India, Divi’s Labs, Asian Paint, Power Grid Corporation stocks tanked the most.
Besides, One97 Communications-backed Paytm’s shares fell nearly six per cent during the day as global brokerage house Macquarie lowered target price for the stock.
“Markets have gained momentum in the past few days on the back of low impact of Omicron variant leading to less stringent restrictions or lock down by various government authorities. This has raised hope of economic recovery along with expectation of strong corporate earnings,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services.
“After two strong quarters of earnings growth, we expect Nifty to register another healthy quarter of 22 per cent YoY growth in 3QFY22. The growth will be driven by four sectors – Metals, BFSI, oil & gas and IT.”