Stocks overcome hiccups, IT the bright spot
Stocks today sailed past many
hiccups as IT and technology shares ensured the benchmarks
ended in stable waters for the sixth day running.
Early on, the 30-share Sensex had slipped to 33,468.30,
but some last-minute buying saved the day as the index settled
up 26.53 points, or 0.08 per cent, at 33,588.08.
The gauge had rallied over 801 points in the past five
After oscillating between 10,374.30 and 10,307.30, the
50-share NSE Nifty ended the day flat at 10,348.75, but still
up 6.45 points, or 0.06 per cent, from its previous close.
Persistent buying by domestic institutional investors
(DIIs) came against the background of a recovery in the rupee.
"Proposals to change the direct tax code... raised fears
of more disruption, but ongoing reforms and Fed minutes
showing slower than expected rate hikes lent support at lower
levels," said Anand James, Chief Market Strategist, Geojit
Financial Services Ltd.
Global market indicators were mixed.
Domestic institutional investors (DIIs) mopped up
equities worth a net Rs 837.22 crore while foreign portfolio
investors (FPIs) sold off shares worth a net Rs 441.46 crore
yesterday, provisional data showed.
IT bellwether Infosys was on the top of the heap, jumping
2.60 per cent. Sun Pharma, Reliance Industries, PowerGrid,
Axis Bank and Hero MotoCorp added up to 1.78 per cent.
However, Dr Reddy's, Adani Ports, Bajaj Auto, Asian
Paints and NTPC all succumbed to profit-booking and ended
lower by up to 2.10 per cent, holding up the gains.
Broader markets turned out to be benchmark beaters, with
small-cap and mid-cap indices surging by up to 0.51 per cent.
The BSE IT index was the investors' favourite, with a
jump of 1.30 per cent, followed by technology, capital goods
and consumer durables.
Japanese financial markets were shut today for a public
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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