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Sensex, Nifty record high; TCS has an upper hand between IT selloffs

MUMBAI: The equity benchmark Sensex resumed its record-setting streak on Thursday after a day’s halt in the IT pack as a gain in index head TCS offset profit-booking in the IT pack following strong results from Infosys and Wipro.

Traders said a broad surge in global equities and a recovery in the rupee accelerated.

Recovering from a shaky start, the 30-share BSE SENSEX The day gained momentum during the day at the end of its new lifetime of 49,584.16, up 49.884 points or 0.19 percent.

Similarly, the broader NSE Nifty rose 30.75 points or 0.21 percent to close at a record 14,595.60 points.

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TCS rose 2.89 percent on the Sensex chart, followed by IndusInd Bank, L&T, ITC, Reliance Industries, HUL and Sun Pharma.

On the other hand, shares of HCL Tech, Axis Bank, Asian Paints, Ultratech Cement, Infosys and Tech Mahindra declined by 2.63 percent.

Infosys on Wednesday reported a 16.6 percent increase in consolidated net profit to Rs 5,197 crore for the December 2020 quarter, and increased its revenue growth guidance for FY 2015 to 4.5-5 percent on the back of big project wins and a strong deal pipeline. done.

For the December 2020 quarter, Wipro reported a 21 per cent jump in consolidated net profit to Rs 2,968 crore and said the demand environment was steadily improving.

Binod Modi, head- strategy, Reliance Securities, said a rebound in domestic equities mainly led by rebound in FMCG and pharma stocks saw a sharp recovery from the day’s low.

He said that the IT index is the most surprising as many IT stocks have seen profit-booking despite strong Q3 numbers and guidance shared by management.

“We believe the underlying strength of the market remains intact and any improvement in the market is likely to be bought. Continued improvement in key economic data for Dec’20, better-than-expected 3Q FY21 corporate earnings and review of comments so far “The market continues to grow well,” he said.

BSE’s capital goods, oil and gas, energy, healthcare, FMCG and industrial indices climbed 1.67 percent, while metals, basic materials, consumer durables, banks, tech, finance and IT closed with losses.

Broad BSE Midcap and Smallcap indices rose 0.29 percent.

On the macroeconomic front on Thursday, wholesale price-based inflation peaked at 1.22 percent in December, according to government data, as kitchen staple onion and potato prices fell.

Meanwhile, Fitch Ratings said the Indian economy would suffer permanent losses from the coronovirus crisis, slowing growth after a strong rebound early next financial year.

Global markets looked beyond the second impeachment of US President Donald Trump’s record and focused on his successor Joe Biden’s proposed USD 2 trillion stimulus program.

Elsewhere in Asia, nutrition ended up in positive territory in Hong Kong, Seoul and Tokyo, while Shanghai was in the red.

Stock exchanges in Europe were also trading with gains in early deals.

Brent crude, the global oil benchmark, was trading 0.12 per cent down at US $ 55.99 a barrel.

The rupee gained for the third day and rose 11 paise to close at 73.04 against the US dollar.

Foreign institutional investors remained net buyers in temporary markets, buying shares worth Rs 1,879.06 crore on Wednesday, according to provisional data.

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