Indian benchmark indices ended Friday’s session on a higher note with Nifty50 surpassing the crucial 16700-mark. The market rose for sixth straight day to close at nearly a 3-month high.

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Today, Nifty50 settled at 16719.45, up 114.20 points and Sensex ended at 56072.23, 390.28 points higher. Both headline indices closed 0.7 or percent higher.

Sensex & Nifty rise over 4 percent each this week to post biggest weekly gains since February 2021. Meanwhile, Nifty Bank posts biggest weekly gains since January 2022, up 6 percent.

Gains in index heavyweight Reliance Industries and financial services companies like HDFC, HDFC Bank, ICICI Bank helped the 50-stock index to climb higher.

Meanwhile, comfort from better earnings and outlook by India Inc also aided gains in the benchmark indices today.

Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities, said “Falling crude oil prices and rebound in FII inflows into the domestic market helped benchmark Sensex to close above the psychological level of 56000”.

The fear of aggressive rate hikes by both the US Fed and RBI seems to be moderating, which is giving investors some room to lap up stocks of companies with good fundamentals, he believes.

“During the week, the Nifty successfully cleared the short term resistance of 16300 and also cleared the 100-day SMA. For traders, 16800 and 16950 would act as an immediate resistance zone, while 16500-16350 could be the key support levels,” Athawale explained.

On the other hand, Arvind Sanger, Managing Partner, Geosphere Capital, said, “I don't think the low is in”.

He added that “We probably did 75-80 percent of the damage already, but I am not convinced it's the low. I think we could go a little lower between currency and index, maybe another 10-15 percent, but I am not paying as much attention to that as much as to the time value, and that the bear market could extend for a while. So whether it's a further time correction to come or index correction to come, my crystal ball is not that clear”.

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Stock Reactions

Shares of Aditya Birla company UltraTech Cement gained about 6 percent intraday on strong earnings and demand outlook, while shares of Mukesh Ambani’s oil-to-telecom conglomerate inched up around 1 percent ahead of its quarterly earnings, due today.

Additionally, Quick Heal Technologies’ stock jumped 10 percent after the company's board approved spending up to Rs 150 crore on share buyback.

Can Fin Homes shares surge 5 percent after the housing finance firm posted robust results.

Global markets

Key indices in the Europe were slightly above the flatline while the investor sentiment across most Asian markets was also positive.

MSCI’s Asia Pacific ex-Japan index was flat while S&P futures was down 0.2 percent.

This was after the European Central Bank raised interest rates by a bigger-than-expected 50 basis points to zero percent on Thursday, its first hike in 11 years, and ended a policy of negative interest rates that had been in place since 2014.

(With inputs from Reuters)

Take a look at stock market highlights of July 22 session here.

First Published:Jul 22, 2022 4:03 PM IST