Sensex climbs 639 pts, Nifty tops 15,800;Signs of a strong corporate earnings season lifted demand for risky equities
Published On: Thursday, July 22, 2021 | By: Team KnowMyStock
Taking cues from firm global markets, the Indian market witnessed robust momentum shrugging off concerns over the spread of Covid-19 and FII selling. Global markets continued to hold onto their gains owing to solid earnings reports and turned their focus on the ongoing European Central Bank’s policy announcement. A confirmation by Fed to continue its supportive policy in the upcoming meet despite rising inflationary pressure will be a key factor in maintaining the direction of the rally. The benchmark indices snapped their three-day losing run and closed over a percent higher today(22nd July 2021). The headline S&P BSE Sensex index closed the session at 52,837 levels, up 639 points while the broader Nifty50 shut shop at 15,825, up 193 points. The broader markets, on the other hand, outperformed and rallied over 1.5 percent higher each.
Sectorally, the Nifty Metal index added over 3 per cent on the NSE, trailed by the Nfty IT and Realty indices, up around 2 per cent each.
The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15800. It is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. Sustaining above 15800, the market expects to gain momentum, leading to an upside projection till 15900-15950 level. Technical indicators suggest, a volatile movement in the market in a small range. The traders to refrain from building a fresh buying position, until the market sees any further decisive movement.
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