Stocks

IT, banking drive key indices higher; Infosys jumps 4 per cent

Our Bureau: Chennai | Updated on July 07, 2020 Published on July 07, 2020

Stock market indices ended higher today driven by a rally in banking, IT and financial sectors. Equities after opening moderately higher, traded subdued for most part of the day. However, toward closing session, some sudden buying spree in  IT and banking supported the market well.

Equity benchmark Sensex jumped over 100 points in early trade tracking positive cues from global indices, easing border tension with China and foreign fund inflows. After touching a high of 36,660.35 in the opening session, the 30-share index turned range-bound mid-day, but finally managed to end higher by 187.24 points, or 0.50 per cent, at 36,674.52.

Bajaj Finance was the top gainer in the Sensex pack, advancing around 8 per cent, followed by IndusInd Bank (+6%), ICICI Bank +3.85%), Infosys (+4%), Bajaj Finserv (5%) and Axis Bank (3%).

On the other hand, ITC, PowerGrid, Tata Steel, ONGC, M&M, and NTPC were among the laggards.

The BSE IT index rose 328 points to 15,991.53 driven by NIIT Tech, Infosys,  LTTS, NIIT, Wipro and Tech Mahindra

The NSE Nifty rose 36 points, or 0.33 per cent, to settle at 10,799.65. Though some mild weakness was seen in the midsession, the Nifty managed to hold above 10,750 level.

The market breadth, however, was negative. On the BSE, out of the 2,881 shares traded today, 1,338 shares rose, while 1,379 shares met with losses and declined. A total of 164 shares remained unchanged.

In the Nifty 50 index, the breadth was negative with 23 stocks advancing and 27 stocks declining

The Nifty Metal index fell 1.73% to 2,022.60. NMDC (down 2.40%), Tata Steel (down 2.33%), Vedanta (down 2.36%), Coal India down 2.10 per cent

 

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Published on July 07, 2020
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