Benchmark indices closed the day higher even as the US Presidential Election pointed to a tight race, as results were being counted. Global markets were mixed with Dow Futures pointing to higher openings for the US markets today, while most of Europe was trading with gains. The Nifty ended the day 95 points higher.
The last few weeks have seen a good rebound in the markets as earnings have beaten expectations.
"2QFY21 has been a blockbuster earnings season, with big beats on aggregates and improved management commentaries. Nifty profits for the 32 companies that have posted their results have grown 24% year on year (v/s exp. of 1% decline). On the other hand, for the 88 companies in the MOSL Universe, profit growth stood at 28% year on year (v/s exp of 1% decline). The breadth of earnings beat and consequent earnings upgrades has been the best in recent memory," the India Strategy Report by Motilal Oswal states.
Among today's gainers was Reliance Industries, which rallied 3.39 per cent, following two days of huge losses. However, banking stocks were seeing some profit with Axis Bank and ICICI Bank among the losers.
State Bank of India ended the day higher, as profits at the bank rose more than 50 per cent. Among the losers from the Nifty pack were UPL, HDFC, Power Grid and Coal India.