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Accenture spoils the mood for IT stocks
Nikhil Agarwal | 01:54 Min | June 24, 2022, 6:58 PM IST
The 30-share pack Sensex rose over 450 points to close at 52,727.98. Its broader peer, Nifty50, closed 0.92 per cent higher at 15,699.25. Both the indices posted weekly gains of 2.7 per cent, logging their best week in over a month.
Transcript
Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
Domestic benchmark indices snapped their two-week losing streak on Friday, lifted by sharp gains in auto and financial stocks, as a slide in commodity prices offered traders some respite from broadening inflationary pressures.
The 30-share pack Sensex rose over 450 points to close at 52,727.98. Its broader peer, Nifty50, closed 0.92 per cent higher at 15,699.25. Both the indices posted weekly gains of 2.7 per cent, logging their best week in over a month.
M&M added over 4 per cent, while IndusInd Bank, Hero Moto, Bajaj Finance, HUL, and ICICI Bank rose around 2 per cent each. TCS, Infosys, HCL Tech and Wipro ended the session with cuts. The Nifty Auto index jumped nearly 7 per cent to post the best week for the gauge in over a year.
Except for IT, all sectoral indices ended in green with Media, Auto and Banking gaining the most.
Vinod Nair of Geojit Financial Services said the up move was supported by broad-based buying except in IT which remained under pressure post the downgrade of earnings forecast by Accenture. He expects the market to showcase similar short-term rebounds until fresh triggers fuels global concerns.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
Domestic benchmark indices snapped their two-week losing streak on Friday, lifted by sharp gains in auto and financial stocks, as a slide in commodity prices offered traders some respite from broadening inflationary pressures.
The 30-share pack Sensex rose over 450 points to close at 52,727.98. Its broader peer, Nifty50, closed 0.92 per cent higher at 15,699.25. Both the indices posted weekly gains of 2.7 per cent, logging their best week in over a month.
M&M added over 4 per cent, while IndusInd Bank, Hero Moto, Bajaj Finance, HUL, and ICICI Bank rose around 2 per cent each. TCS, Infosys, HCL Tech and Wipro ended the session with cuts. The Nifty Auto index jumped nearly 7 per cent to post the best week for the gauge in over a year.
Except for IT, all sectoral indices ended in green with Media, Auto and Banking gaining the most.
Vinod Nair of Geojit Financial Services said the up move was supported by broad-based buying except in IT which remained under pressure post the downgrade of earnings forecast by Accenture. He expects the market to showcase similar short-term rebounds until fresh triggers fuels global concerns.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
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