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Wednesday, October 21, 2020

Markets eke out gains, close higher for 9th day; IT stocks shine – Times of India

MUMBAI: Equity benchmarks sensex and Nifty ended marginally higher after choppy trade on Tuesday, propped up by RIL and IT stocks amid lacklustre cues from the global markets.
Rising for the ninth session in a row, the 30-share BSE sensex ended 31.71 points or 0.08 per cent higher at 40,625.51.
Similarly, the broader NSE Nifty inched up 3.55 points or 0.03 per cent to 11,934.50.
HCL Tech was the top gainer in the sensex pack, climbing 3.94 per cent, followed by Kotak Bank, Infosys, Reliance Industries, UltraTech Cement and Tech Mahindra.
On the other hand, Titan, Sun Pharma, ICICI Bank, Bajaj Finance, SBI and Maruti were among the main laggards, shedding up to 2.18 per cent.
According to analysts, the recent recovery in market was led by expectations of fresh fiscal stimulus from the government, but the sops announced have failed to cheer investor sentiment.
IT stocks continued to gain momentum ahead of crucial Q2 results and better earnings visibility, they added.
“Market may consolidate due to below than anticipated stimulus package and the large part of the positive Q2 results announced till date is well factored in the prices.
“The momentum may reverse into a narrow-range, in the near-term, while the undercurrent of the rally is still positive and a break-up is likely based on the continuity of positive results, more fiscal measures in the future and developments in the global market. Today, the banking sector lost some grounds due to adjournment of moratorium hearing to next day,” said Vinod Nair, Head of Research at Geojit Financial Services.
BSE energy, IT, teck, power, metal and basic materials indices rose as much as 1.54 per cent, while healthcare, consumer durables, finance and bankex ended in the red.
Broader BSE midcap and smallcap indices slipped up to 0.29 per cent.
Global equities stumbled following reports that Johnson & Johnson was pausing its COVID-19 vaccine trials because of an unexplained illness in a study participant.
Bourses in Shanghai and Tokyo ended on a positive note, while Seoul was in the red. Hong Kong was closed for a holiday.
Stock markets in Europe were trading in the negative territory in early deals.
International oil benchmark Brent crude was trading 1.73 per cent higher at $42.44 per barrel.
In the forex market, the rupee depreciated 7 paise to close at 73.35 against the US dollar.

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