Markets rise on global cues, vaccination drive
Mumbai, April 22, 2021
Global cues, along with accelerated vaccination drive and bottom fishing, pushed India's benchmark indices higher on Thursday.
However, rising Covid-19 cases in the country and stricter lockdowns by various states kept investors worried.
Globally, stocks inched higher while oil prices fell on Thursday.
On the domestic front, banks, metals and realty were the main gainers while FMCG and consumer durables were the loss leaders.
The S&P BSE Sensex traded at 48,080.67, higher by 374.87 points, or 0.79 per cent, from its previous close.
The Nifty50 on the National Stock Exchange traded at 14,406.15, up 109.75 points or 0.77 per cent, from its previous close.
"Despite a surge in corona cases, traders went in for bottom fishing on the weekly F&O expiry day, reversing a streak of two day loss," said Deepak Jasani, Head of Retail Research at HDFC Securities.
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said: "Equity markets opened gap down but soon recovered in second half amidst positive global cues and progress on vaccination front."
"Global cues were positive as strong economic data from US and China and impressive quarterly results boosted sentiments."
Vinod Nair, Head of Research at Geojit Financial Services said: "Amid increasing Covid-19 cases, the domestic market recovered from its early losses backed by positive cues from global markets. The market has been going through a correction phase following increasing Covid cases, in spite of the optimism due to vaccination drives."
"Though earnings outcome is expected to have stock specific movements in the coming days, broader movement in the market will depend on fall in Covid cases."