The market is abuzz today on July 17, with benchmark indices extending gains, with Nifty rising up to 0.90% to 24,288 and Sensex is 1.04% higher to 77,989, as of 10:55 am.
This surge comes against the backdrop of several positive cues, including global cues, and strong earnings.
Most sectors are in the green, with gains led by Realty which is up over 1%, followed by IT and Financial Services. Pharma is down 1.41%.
The broader indices are trading negatively, with Nifty Smallcap 250 down by 0.89%, while the Midcap 150 dipped 0.52%.
Here are three reasons why market is rising today:
Decent Start To Q1
The season has opened on a firm note, led by IT. Tech Mahindra gains almost 2% on the back of strong earnings. Reliance Industries gains almost 2% awaiting earnings today
TCS beat analyst estimates on growth despite an expected slow quarter, reporting net profit of Rs 13,349 crore, up 4.6% year-on-year, with revenue up 13.9%. HCL Technologies followed with net profit up 20.3% at Rs 4,624 crore, lifting the Nifty IT index, while ICICI Prudential AMC and Nuvoco Vistas both posted around 20% profit growth.
Key watch points ahead include how banks split credit growth against net interest margin pressure, how metals spreads evolve, and margin commentary against elevated WPI, with the metals cluster of Vedanta, Tata Steel, Hindalco and Hindustan Zinc still to report.
Financials, RIL Lift Market
The Nifty 50 traded higher on Friday, making it the only major Asian equity index in positive territory as domestic financial and heavyweight stocks offset weakness seen across regional markets.
The NSE Nifty 50 was up 0.68% at 24,235.35, while the Sensex gained 0.74% to 77,758.97. In contrast, Japan's Nikkei 225 fell 4.57%, South Korea's Kospi declined 6.37%, Hong Kong's Hang Seng slipped 1.94%, China's Shanghai Composite lost 1.64% and Australia's S&P/ASX 200 was down 0.69%.
Reliance Industries made the biggest contribution to the Nifty's gains, adding 31.97 points to the benchmark index. HDFC Bank contributed 28.66 points, followed by ICICI Bank at 17.78 points, Infosys at 15.15 points and State Bank of India at 9.95 points.
Sectoral Gains
Sectorally, it was a bright picture too. Nifty Realty is trading higher by almost 1.5% today, snapping a four-day losing streak. Nifty IT is also up over 1% today, hitting its highest level in 29 sessions.
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