Strong Q1 Numbers Plus Global Cues Give Boost to Nifty; Dow Futures Up

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Strong Q1 Numbers Plus Global Cues Give Boost to Nifty; Dow Futures Up
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Indian markets reversed three days of losses to close up smartly today on the back of strong Q1 FY22 numbers, and positive cues in global markets. Nifty 50 closed up 1.23% and the BSE Sensex 30 gained 1.22% at day’s close.

As the economy slowly reopens, hospitality and tourism stocks are moving up. Jubilant Foodworks Ltd (NS: JUBI ) gained 11.37% today while Indian Hotels Co. Ltd (NS: IHTL ) gained 2.2%. On the Nifty, JSW Steel Ltd (NS: JSTL ) closed up 5.87%, Tech Mahindra Ltd (NS: TEML ) gained 5.41% while Bajaj Finance Ltd (NS: BJFN ) and Bharti Airtel Ltd. (NS: BRTI ) gained 4.16% each. Tata Steel Ltd (NS: TISC ) closed up 3.62%. Nifty Bank closed up 0.76%.

Hindustan Unilever Ltd. (NS: HLL ) reported 10% rise in net profit compared to Q1 FY21 but it lost the most on the index, closing down 2.34% while Asian Paints Ltd. (NS: ASPN ) lost 1.83%.

Nifty has closed at 15,824, a strong move that should see it reach 16,000 levels tomorrow if momentum continues. However, market experts have warned that markets could be volatile and range-bound for a short time.

US stocks are set to open higher later on continued optimism generated by what has largely been a strong earnings season – albeit one helped by extremely weak year-earlier comparisons. As of this report, Dow Jones 30 Futures were up 0.25%, while S&P 500 Futures were up 0.21% and Nasdaq 100 Futures were up 0.16%.

 

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