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Thursday, October 22, 2020

Sensex, Nifty close marginally higher after choppy trade; these IT stocks shine

Mumbai: Equity benchmarks Sensex and Nifty ended marginally higher after choppy trade on Tuesday amid mixed 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. 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, rising around 4 per cent, followed by Kotak Bank, Infosys, Reliance Industries, UltraTech Cement and Tech Mahindra.

On the other hand, Titan, Sun Pharma, ICICI Bank, Axis Bank, SBI and Bajaj Finance were among the main laggards.

According to analysts, the recent recovery in the market was led by expectations of fiscal stimulus from the government, which has failed to cheer investor sentiment.

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IT stocks continued to gain momentum ahead of crucial Q2 results and better earnings visibility, they added.

On the global front, bourses in Shanghai and Tokyo ended on a positive note, while Seoul was in the red. Stock exchanges in Hong Kong were 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 USD 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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