Sensex, Nifty End Higher As Infosys Powers Tech Rally
Closing Bell: Sensex, Nifty End Higher As Infosys Powers Tech Rally
Indian equity benchmarks ended higher led by the rally in Infosys Ltd.
The S&P BSE Sensex closed 161 points or 0.48 percent higher at 38,896.71 and the NSE Nifty 50 ended at 11,588.35, up 0.31 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.12 percent higher.
Infosys was the top gainer in the benchmark indices. This after it raised its revenue forecast for the full year even as higher costs led to a contraction in margin and decline in profit during June quarter. The Bengaluru-based software developer clocked its biggest jump in four year to close at record high.
The market breadth, however, was tilted in favour of sellers. About 1,193 stocks declined and 585 shares advanced on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by National Stock Exchange ended lower, led by the NSE Nifty PSU Bank Index’s 2.52 percent fall. On the flipside, the NSE Nifty IT Index as the top sectoral gainer, up 2.76 percent.
Market Commentary: Buy Nifty Futures At 11,550, Hemen Kapadia Says
Investors can buy Nifty futures at 11,550 with a target of 11,630 and a stop-loss at 11,510.
That’s the suggestion coming from KRChoksey’s Hemen Kapadia. “There is a possibility of the Nifty hitting 11,650 and crossing that level in the next two-to-three trading sessions,” Kapadia told BloombergQuint in an interaction.
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Market Check: Sensex, Nifty Set to End Higher
Indian equity benchmarks are set on a positive note today.
The S&P BSE Sensex rose 0.35 percent to 38,868 as of 3 p.m. and the NSE Nifty 50 rose 0.29 percent to 11,586.
The market breadth was tilted in favour of sellers. About 1,184 stocks declined and 577 shares declined on National Stock Exchange.
Meanwhile, shares of Infosys was the top performer on Sensex and Nifty. The stock rose as much as 7.2 percent to hit an all-time high at Rs 779.10.
Fab Four Stocks Of The Day
- Stock rose as much as 7 percent to Rs 777.40. The scrip was the best performer on Sensex and nifty
- The company raised its revenue forecast for the full year even as higher costs led to a contraction in margin and decline in profit in the quarter ended June.
- Stock rose as much as 6.7 percent to Rs 2,076.
- The company on a verge of of finalising capital infusion deal worth Rs 9600 crore with Soft Bank, according to ET report.
Apollo Hospitals Enterprise
- Stock rose as much as 3 percent to Rs 1,404.
- Fresh longs with high OI of 18 percent
- Stock rose as much as 19.9 percent to Rs 92.50.
- Trading volume was almost 18 times its 20-day average.
Magma Fincorp Falls For Fourth Day
Shares of Magma Fincorp extended declines for the fourth consecutive trading session and fell as much as 8.3 percent to Rs 98.10.
The company’s Asset Backed Finance (ABF) Business CEO Kaushik Banerjee has stepped down as the full time CEO, according to its stock exchange filing.
“Banerjee has stepped down as his health and family commitments were not permitting him to continue with full time CEO role. He shall however continue as an advisor to the ABF business on an exclusive basis,” the statement added.
The Relative Strength Index on the stock was below, 30, indicating that the stock may be overbought.
Europe Market Check: Equities Trade Mixed
European shares traded mixed after opening higher during the trade.