IT, TECk stocks push Sensex up 141 points

25 April, 2018, 15:18 | Author: Martin Tyler
  • Markets open flat bank stocks major losers

Among sectoral sub-indices, Nifty IT gained more than a per cent.

The top losers were: Wipro, down 3.30 per cent at Rs 287.05; Infosys, down 2.49 per cent at Rs 1,153.90; Tata Steel, down 1.23 per cent at Rs 598.25; State Bank of India, down 0.87 per cent at Rs 240.60; and Tata Consultancy Services, down 0.87 per cent at Rs 3,385.65.

The BSE Sensex slipped 200 points from the day's high to close 35.19 points higher at 34450.77.

TCS shares were up over 4% as the country's largest software exporter reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue.

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The Nikkei fell 0.2 per cent to 22,114.03 in midmorning trade.

Shares of HDFC Bank Ltd rose as much as 1.2 per cent to ₹1,979 in early trade today before slipping into negative territory.

The BSE IT index rose after rupee fell to a 14-month low of 66.825 against the dollar on bouts of month-end dollar demand from importers amid crude price volatility and rising U.S. bond yields.

Benchmark indices on Wednesday opened lower tracking weak global cues.

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Likewise, the 50-scrip NSE barometer Nifty declined 43.80 points, or 0.41 per cent, to close at 10,570.55 after shuttling between 10,536.45 and 10,612.60.

However, the gains were capped by selling pressure in metals, IT, teck, power, consumer durables and PSU stocks.

Bharti Airtel was the top gainer on Sensex (3.37%) and Nifty (2.90%) after the telco beat analysts' expectations of a net loss and managed to clock Rs 73 crore in net profit for Q4.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the USA towed by higher bond yields and fall in technology stocks".

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