Mumbai, Oct 10 Domestic equities witnessed a relief rally on Tuesday after the previous session’s selloff, as the sentiments turned positive globally and the US bond yields cooled off by 15 bps, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
On Tuesday, Nifty 50 closed at 19,689.85, up 178 points, or 0.91 per cent, while the Sensex ended the day at 66,079.36, up 567 points, or 0.87 per cent.
The global markets shed the concern over the conflict between Israel-Palestine and witnessed healthy recovery. Nifty opened positive and strengthened throughout the session to end near day’s high at 19,690 levels.
The broader market outshined with Mid-cap100/Small-cap100 up 1.4 per cent and 1.2 per cent, respectively. Except healthcare, all other sectors ended in green with realty rallying 4 per cent followed by sharp gains in metals and PSU banks.
From Wednesday, the Q2 earnings season would start off with TCS declaring its numbers. We expect robust 21 per cent earnings growth for Nifty in Q2, which would be driven by domestic cyclicals (BFSI and auto), Khemka said.
So lot of stock specific action would be seen over the next 45 days as the earnings get declared.
On the index front, Nifty might continue with its consolidation with bouts of volatility as it would track the geo-political development, US bond yields and oil prices amidst result announcements, he said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor