INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Rally in IT, private bank, financial and auto stocks helped equity benchmarks Nifty50 and Sensex log gains for a sixth
consecutive session on Thursday
The market remained rangebound in the morning session ahead of the release of industrial production and retail inflation numbers later in
However, the afternoon session rise in buying interest amid optimism about a decent earnings season, which will begin with Infosys coming
out with their numbers for the March quarter.
The Nifty50 settled 42 points, or 0.40 per cent, up at 10,459, while Sensex closed 161 points,
It opened flat but noticeable buying interest in IT majors pushed the index gradually higher
Also, the news of encouraging FDI inflows in India boosted the sentiment
However, caution ahead of the important macroeconomic data viz
higher and it's indeed positive sign before the Infosys results
However, a word of caution is still recommended, considering the mixed undertone from the global markets
indices underperformed benchmark Sensex, closing 0.13 per cent and 0.27 per cent, down, respectively.
The day belonged to IT stocks
HCL Tech, TCS, Infosys and Tech Mahindra led the pack of gainers, surging up to 4 per cent on Thursday
IT stocks rallied on fresh weakness in the rupee along with the anticipation of positive quarterly earnings.
Besides IT, private sector
banks, including Axis Bank, ICICI Bank, HDFC Bank and Kotak Mahindra Bank, appeared among top gainers in Sensex index.
However, PSU banks
such as State Bank of India, Bank of Baroda and Punjab National Bank slipped up to 1 per cent on Thursday.
IDBI Bank declined over 1 per
cent on Thursday after the lender post market hours on Wednesday informed bourses that the Reserve Bank of India (RBI) has slapped a
monetary penalty of Rs 3 crore on the bank for non-compliance to the Income Recognition and Asset Classification (IRAC) norms
Shares of Dish TV surged over 8 per cent after the promoter group entities of Dish TV made an offer to buy an additional 26 per cent equity
stake from public shareholders
Recent gainers, metal stocks also stood among the top gainers of the day
Barring Nalco, all components in the BSE Metal index settled in the red, with SAIL and Vedanta falling 3.84 per cent and 2.46 per cent,
respectively.
European traded in the green, although investors remained cautious on worries over US military action in Syria, Reuters
