Index heavyweights such as Infosys, HDFC Bank, Kotak Mahindra Bank, M&M and Nestle India were the major index contributors
Led by a rally in Infosys and select bank stocks, headline indices BSE Sensex and Nifty 50 ended the Thursday’s volatile session with over one per cent gains. Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. Index heavyweights such as Infosys, HDFC Bank, Kotak Mahindra Bank, M&M and Nestle India were the major index contributors. “Ground realities remained little changed, as the virus infections and geopolitical tensions created uncertainty on the global economic recovery. Investors need to remain stock specific and the earnings results and commentary should be watched out for,” said Vinod Nair, Head of Research at Geojit Financial Services.
Infosys set for best day in over 7 years: Infosys share price jumped 9.5 per cent at closing and was the top Sensex gainer. M&M, Nestle India, IndusInd Bank, Kotak Mahindra Bank, HCL Tech and Bajaj Finance were among the other Sensex gainers. On the other hand, Tech Mahindra, ITC, NTPC, Power Grid Corporation of India, Titan Company, ICICI Bank and Bharti Airtel were among top laggards on the index.
Nifty IT index top sectoral gainer: Nifty IT index was top sectoral gainer, with a growth of 2.82 per cent led by gains in Infosys, L&T Infotech, Mindtree, MphasiS and HCL Tech, among others. Nifty Bank index and Nifty Auto rose 1.12 per cent and 1.24 per cent, respectively.
Broader market: Broader market underperformed the frontline indices today. S&P BSE MidCap index gained 0.71 per cent or 94 points to end at 13,324, while the S&P BSE SmallCap index fell 0.13 per cent or 17 points to settle at 12,642.
Market outlook for Friday: “Markets will continue to take cues from the global peers, in the absence of any major domestic trigger. While the mood in the global markets continues to remain buoyant, the rising number of coronavirus cases in the US and India would remain a key cause of concern. Besides, the earnings announcements will further induce stock-specific volatility. Keeping all in mind, we reiterate our cautious stance on the markets and suggest preferring hedged trades,” said Ajit Mishra, VP – Research, Religare Broking Ltd.