Live: Nifty above 22,700 on expiry day; Q2 update cheers Trent, Kotak Bank | Closing Bell
The Nifty extends its rebound on expiry day, with the Sensex surging nearly 600 points and the Nifty gaining 100 points to move above 22,700. Market breadth remains strong, with the BSE advance-decline ratio at 2:1 and the VIX falling 7%. IT stocks extend their losses for a second day, while PSU banking and realty stocks remain under pressure. FMCG, metal and pharma stocks see buying interest, with broader markets actively participating in the rally. Trent shares jump after reporting multi-quarter-high revenue growth in Q2, while Godrej Consumer shares gain on a strong Q2 business update. Kotak Mahindra Bank shares rise on strong Q2 advances and deposit growth, with Citi and Goldman Sachs positive on the stock following the update. Among Nifty 50 stocks, Trent, Kotak Mahindra Bank and HUL are the top gainers, while Coal India, Tech Mahindra and Max Healthcare are the top losers. Brent crude slips below the $100-a-barrel mark. US futures trade higher, with Dow and Nasdaq futures up 0.2%-0.4%, while Asian markets are largely higher, with the Nikkei and Hang Seng gaining 0.3%-0.9%. All eyes are on the RBI policy outcome tomorrow, with markets estimating a 25-basis-point rate hike. The rupee falls 27 paise to 96.55 per dollar.