Barring IT stocks, which declined after US President issued a proclamation to suspend issuing of H-1B visas, all the sectoral indices were trading higher
Extending gains from the previous session, BSE Sensex and Nifty 50 were trading with modest gains in Tuesday’s choppy session, in line with their Asian peers. The 30-share Sensex was testing 35,000-mark and was up nearly 100 points, while the broader Nifty 50 index was ruling above 10,300-mark. “10350 could pose a short term resistance or pause for the markets, this could be for profit booking too. The trend continues to remain positive until we don’t break 10200 on a closing basis. Until then we could use a “buy on dips” approach,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Top BSE Sensex gainers and loser: Out of 30 Sensex stocks, 23 scrips were trading in positive territory with IndusInd Bank as top Sensex gainer, up 4.4 per cent, followed by Bajaj Finance, Power Grid, NTPC, Nestle India and Bajaj Finserv. On the other hand, TCS was the top laggard on the Sensex pack. Infosys, Asian Paints, Sun Pharma, HDFC and M&M were among other Sensex losers.
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IT stocks decline: Barring IT stocks, which declined after US President issued a proclamation to suspend issuing of H-1B visas, all the sectoral indices were trading higher. Nifty PSU Bank index gained 1.43 per cent with Indian Bank, J&K Bank, Union Bank and Punjab National Bank as top gainers. Top losers on IT index were Hexaware, TCS, NIIT Tech, Wipro and Infosys.
Corporate earnings: Union Bank of India, Berger Paints, Asian Paints, Bank of Baroda, Aster DM Healthcare, Balrampur Chini Mills, EIH Associated Hotels, Finolex Industries, GM Breweries, Indian Bank, Kolte-Patil Developers, Man Industries, NLC India, Page Industries, Phillips Carbon Black, Precision Camshafts, Surana Telecom, Talbros Engineering and Vardhman Textiles are among 78 companies that are scheduled to announce their March quarter earnings.
FII and DII data: On Monday, foreign institutional investors (FIIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,287.69 crore on a net basis, according to the provisional data available on the NSE.
Global markets: Asian stock markets turned positive on Tuesday after White House chief advisor Peter Navarro said that US-China trade deal is not over. In overnight trade on Wall Street, US stock indices ended higher as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the US and other countries. The Dow Jones Industrial Average rose 0.59%, the S&P 500 gained 0.65% and the Nasdaq Composite added 1.11%.