Spurt in IT stocks lift Sensex, Nifty higher; check what’s moving markets on Thursday

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Published: July 16, 2020 11:05 AM

Nifty IT, along with Nifty Auto and Nifty Pharma were ruling with upticks. Nifty IT index surpassed its previous high of 16,882 and hit a new 52-week high of 17,491 in today's trade

Sensex, niftyThe Nifty is still within the range of 10550 and 10850. We would enter a trend in full throttle when either level triggers

Headline indices BSE Sensex and Nifty 50 were trading over half a per cent higher in Thursday’s volatile session. After hitting day’s low of 36,038, Sensex rose 228 points or 0.63 per cent to trade at 36,280. While the broader Nifty 50 index was ruling at 10,664, up 46 points or 0.43 per cent. Out 30 Sensex constituents, only 10 stocks were trading in the positive territory, with Infosys gaining the most, up over 13 per cent. Along with IT major, TCS, HCL Tech, Reliance Industries (RIL), M&M and Maruti Suzuki were among major index contributors today. “The Nifty is still within the range of 10550 and 10850. We would enter a trend in full throttle when either level triggers. If we manage to cross either price points, we could get a 200-300 point move on the index. Until then, we would need to track the markets patiently. A hasty trade decision would result in a skewed risk to reward ratio and should be avoided,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

IT stocks lift Sensex: 10 out of 30 Sensex stocks were ruling in the green today. Out of which four IT stocks Infosys, HCL Tech, TCS and Tech Mahindra were among top index gainers. On the contrary, ITC, Titan Company, NTPC, HDFC Bank, Kotak Mahindra Bank were among top Sensex laggards.

Nifty IT index hits fresh 52-week high: The trend among sectoral indices was largely negative. Nifty IT, along with Nifty Auto and Nifty Pharma were ruling with upticks. Nifty IT index surpassed its previous high of 16,882 and hit a new 52-week high of 17,491 in today’s trade. While Nifty FMCG index fell over one per cent, dragged by ITC, United Breweries, Colgate-Palmolive and Emami.

Broader market: The broader market was underperforming the benchmark indices. S&P BSE MidCap index fell 0.27 per cent or 36 points to trade at 13,194, while S&P BSE SmallCap index slipped 0.68 per cent or 86 points to rule at 12,573.

Corporate earnings today: L&T Finance Holdings, L&T Technology Services, Bajaj Consumer Care, Aditya Birla Money, Cyient are among companies that are scheduled to announce their June quarter earnings later in the day today.

Global markets: All the major Asian peers were seen trading lower in Thursday’s trade. Nikkei slipped 0.79 per cent, Shanghai down 1.63 per cent, Hang Seng fell 1.31 per cent and Kospi dipped 0.77 per cent. In overnight trade on Wall Street, US stocks ended sharply higher on Wednesday. The Dow Jones Industrial Average rose 0.85%, while the S&P 500 gained 0.91% and the Nasdaq Composite climbed 0.59%.

FII and DII data: On Wednesday, foreign institutional investors (FIIs) sold shares worth Rs 221.7 crore and domestic institutional investors (DIIs) sold Rs 899.37 crore worth shares on a net basis, according to the provisional data available on the NSE.

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