Sensex Extends Rally to Fifth Day, Ends 284 Points Higher; IndusInd Bank & Bajaj Finance Top Gainers

Thu, 21 Jul Closing

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Indian share markets ended on a positive note today, although there was some volatility amid weakness in global markets.

Benchmark indices extended the rally for the fifth straight day supported by private lender IndusInd Bank after its quarterly profit surged.

FIIs seem to be returning to the Indian markets, lifting investor sentiment.

At the closing bell, the BSE Sensex stood higher by 284 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 84 points (up 0.5%).

IndusInd Bank, Bajaj Finance, and Bajaj Finserv were among the top gainers today.

Dr Reddy's Laboratories, Tech Mahindra, and Kotak Mahindra Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,618, up by 120 points, at the time of writing.

The broader markets ended in the green. The BSE MidCap index ended higher by 1.2% and the BSE SmallCap index ended higher by 0.9%.

Barring pharma sector, all sectoral indices ended on a strong note today with stocks in the FMCG sector, banking sector, and media sector witnessing most of the buying.

Shares of Bajaj Auto and Adani Total Gas hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also, check out the five Indian companies with over 7% in dividend yields.

IndusInd Bank, Wipro, and Reliance Industries were amongst the most active shares on the BSE today.

Wipro shares were buzzing hot post its Q1 result announcement.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended on a mixed note today, as traders struggled to maintain momentum from the previous day's rally and eyes focused on Europe, hoping Russia fulfils a pledge to switch a crucial gas pipeline back on.

The Nikkei ended the day up by 0.4%, while the Hang Seng plunged by 1.5%. The Shanghai Composite ended 1% lower.

The rupee fell and is trading at 79.78 against the US$.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX are trading down by 0.9% at Rs 49,753 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 2.3% at Rs 54,355 per 1 kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, chartist Brijesh Bhatia believes it's a good time to invest in the smallcap space.

Take a look at the chart below:

 

The ratio chart above indicates the slope has turned northwards. Thus, it's time for the small-cap index to outperform against the Nifty.

According to Brijesh, small-cap investors should grab this opportunity. The re-test of the breakout offers the best low risk - high reward opportunities.

Richa Agarwal, lead small cap analyst at Equitymaster, agrees with Brijesh.  As per Richa, it's not a good idea to wait more to buy smallcaps.

Read her editorial on how to find the next smallcap multibagger.

But you need to select the best smallcap stocks if you want to ride the rally.

In news from the IT space, Sonata Software is considering a proposal for bonus issue of shares.

The board meeting is scheduled for 25 July 2022 to consider a proposal for bonus shares.

The company is yet to post its June quarter results.

During the March 2022 quarter, the company's consolidated net profit increased by 3.3% YoY to Rs 1 bn.

Sequentially, net sales declined 21.2% to Rs 14.6 bn from Rs 18.6 bn in December 2021.

Post the announcement, Sonata software share price ended 5.5% higher on the BSE today.

For more details, check out Sonata Software news and analysis.

Speaking of IT stocks, in the below video Chartist - Brijesh Bhatia explains whether IT stocks are bottoming out.

Moving on, PVR has posted stellar Q1 results.

Multiplex operator PVR reported a net profit of Rs 683 m for the quarter ending June 2022.

Its revenue rose to Rs 10 bn whereas its earnings before interest, taxes, depreciation, and amortization came at Rs 20.8 bn with EBITDA margin of 20.3% during the quarter under review.

The company is back to witnessing profit after reporting losses in the previous few quarters due to severe impact of covid-induced lockdowns in the country.

As the business was impacted by the pandemic, the company revealed numbers comparable against the June 2019 quarter, pre-pandemic period.

During the June 2019 quarter, the company's net profit stood at Rs 442 m and revenue at Rs 8.9 bn while the EBITDA was at ?1.7 bn.

Sharing its screen outlook for the current financial year, PVR said it is on track to open 125 screens.

14 screens across 3 properties opened so far, 82 screens are currently under fitout entering 9 new cities, and bulk of the properties will open in the third and the fourth quarter.

On 27 March this year, PVR and INOX Leisure announced a merger deal to create the largest multiplex chain in the country.

The combined entity will have a network of more than 1,500 screens and will explore opportunities in tier III, IV & V cities, besides in the developed markets.

The combined entity will be named PVR INOX with the branding of existing screens to continue as PVR and INOX, respectively.

Post the result announcement, PVR share price ended 1.4% higher on the BSE today.

For more details, check out PVR news and analysis.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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