NEW DELHI: Massive buying in IT stocks ahead of their earnings scheduled throughout this week and the next, lifted benchmark indices on Wednesday, recovering the morning's losses. However, weak global cues kept gains in check.
Even as we saw profit booking in the afternoon trade, the broader markets remained fairly vibrant as savvy investors were seen shopping across a host of B2C businesses. Zomato’s IPO kept primary markets buzzing.
The 30-share pack Sensex climbed 134.32 points or 0.25 per cent to close at 52,904.05. The index closed up nearly 400 points from its day’s low. Its broader peer NSE Nifty rose 41.60 points or 0.26 per cent to 15,853.95.
“Despite negative global signals, domestic indices trimmed its early losses and soared high, supported by robust Q1FY22 result expectations on IT sector and favourable economic outcomes,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
Among the blue-chip names, Wipro was the top gainer, rising 6.99 per cent. Tech Mahindra, Infosys, HCL Tech, L&T, Tata Steel, Shree Cement, ITC and Cipla were other gainers.
Maruti Suzuki was the top loser in the Nifty pack, falling 1.42 per cent. Adani Ports, HUL, Nestle India, Titan, Dr Reddy’s Labs, Reliance Industries, HDFC Life Insurance and Tata Consumer were others that ended in the red.
Broader market indices ended higher, outperforming their headline peers. Nifty Smallcap gained 0.45 per cent and Nifty Midcap rose 0.23 per cent. Nifty 500, the broadest index on NSE, ended up 0.24 per cent.
Happiest Minds Technology, Route Mobile, CEAT, Mphasis, Mindtree and Dhani Services were top gainers from mid and smallcap indices, climbing in the range of 5-10 per cent.
Adani Total Gas, Indiabulls Housing Finance, Gujarat State Petronet, Quess Corps, Edelweiss Financial Services and Shilpa Medicare were major losers from broader market space, falling in the range of 1-7 per cent.
The sectoral matrix on the NSE was mixed. Nifty Realty was the top loser, down 0.95 per cent. Nifty PSU Bank and Nifty Auto were other losers. Nifty IT was the top gainer, up 3.16 per cent. Nifty Pharma advanced 0.32 per cent.
Market breadth was in favour of gainers as 1,797 stocks ended in the green, while 1,444 names settled with cuts. As many as 492 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 18 names hit 52-week lows, mostly from the microcap space. About 535 stocks hit upper circuit limits and 210 lower circuit limits.
European markets were trading lower. London-based FTSE was down 0.52 per cent while Paris and Frankfurt declined 0.23 per cent and 0.15 per cent, respectively. In Asia, all markets ended the day with losses.
Even as we saw profit booking in the afternoon trade, the broader markets remained fairly vibrant as savvy investors were seen shopping across a host of B2C businesses. Zomato’s IPO kept primary markets buzzing.
The 30-share pack Sensex climbed 134.32 points or 0.25 per cent to close at 52,904.05. The index closed up nearly 400 points from its day’s low. Its broader peer NSE Nifty rose 41.60 points or 0.26 per cent to 15,853.95.
“Despite negative global signals, domestic indices trimmed its early losses and soared high, supported by robust Q1FY22 result expectations on IT sector and favourable economic outcomes,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Wipro, Tech Mahindra top charts as IT stocks stay in demand
- Adani Ports continues to fall amid concerns, down over 1%
- Kitex Garments jumps another 10% after moving to Telangana
- IPO update: Zomato issue subscribed 88% so far on Day 1
- India VIX, the barometer of volatility, eases further
Among the blue-chip names, Wipro was the top gainer, rising 6.99 per cent. Tech Mahindra, Infosys, HCL Tech, L&T, Tata Steel, Shree Cement, ITC and Cipla were other gainers.
Maruti Suzuki was the top loser in the Nifty pack, falling 1.42 per cent. Adani Ports, HUL, Nestle India, Titan, Dr Reddy’s Labs, Reliance Industries, HDFC Life Insurance and Tata Consumer were others that ended in the red.
Broader market indices ended higher, outperforming their headline peers. Nifty Smallcap gained 0.45 per cent and Nifty Midcap rose 0.23 per cent. Nifty 500, the broadest index on NSE, ended up 0.24 per cent.
Happiest Minds Technology, Route Mobile, CEAT, Mphasis, Mindtree and Dhani Services were top gainers from mid and smallcap indices, climbing in the range of 5-10 per cent.
Adani Total Gas, Indiabulls Housing Finance, Gujarat State Petronet, Quess Corps, Edelweiss Financial Services and Shilpa Medicare were major losers from broader market space, falling in the range of 1-7 per cent.
"The markets would first react to Infosys numbers in early trade on Thursday. Apart from that, weekly derivatives expiry tomorrow would add to the volatility."
The sectoral matrix on the NSE was mixed. Nifty Realty was the top loser, down 0.95 per cent. Nifty PSU Bank and Nifty Auto were other losers. Nifty IT was the top gainer, up 3.16 per cent. Nifty Pharma advanced 0.32 per cent.
Market breadth was in favour of gainers as 1,797 stocks ended in the green, while 1,444 names settled with cuts. As many as 492 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 18 names hit 52-week lows, mostly from the microcap space. About 535 stocks hit upper circuit limits and 210 lower circuit limits.
European markets were trading lower. London-based FTSE was down 0.52 per cent while Paris and Frankfurt declined 0.23 per cent and 0.15 per cent, respectively. In Asia, all markets ended the day with losses.
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