By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian indices ended higher for the seventh consecutive day in a see-saw trading session. Both Nifty and Sensex opened higher today and observed considerable volatility that ultimately ended in doji with IT and Pharma leading the gains.
Nifty rose by 0.14% or 16.75 points and closed at 11,930.95, while S&P BSE Sensex gained over 84.31 points or 0.21% and closed at 40,593.80.
In Large-cap and Mid-cap segment, Larsen & Toubro Infotech (11.94%), Indiabulls Ventures (9.42%), Coforge (8.16%), Dr. Lal Pathlabs (6.07%), and Tata Elxsi (5.85%) were amongst the top Nifty gainers, while Vedanta (20.43%), UTI Asset Management Company (14.04), Aarti Drugs (10%), Reliance Home Finance (9.09), and Future Retail (8.94%) were amongst the top losers.
Among sectors, I.T. and pharma ended in the green, whereas selling was witnessed in Media, PSU Bank, and Realty stocks.
Nifty IT and Pharma:
All 10 stocks in the Nifty IT surged forward with L&T Infotech leading the gains. Other gainers top gainers included Coforge (8.16%), MindTree (3.86%), Infosys (2.29%), and HCL (1.17%). In Pharma, Biocon (2.38%), Lupin (1.68%), Torrent Pharma (1.47%), Cipla (1.31%), and Dr. Reddys Laboratories (1.31%) led the gains. Alkem Labs (0.59%) and Aurobindo Pharma (0.05%) were the only stocks in Nifty Pharma that ended in the red.
Nifty Media and PSU Bank:
9 out of 12 Nifty Media stocks ended in the red. The losses were led by Zee Entertainment (5.34%), Sun TV (2.27%), Dish TV India (2.23%), and Inox Leisure (1.69%). Hathway Cable led the gains advancing 4.89% while Jagran Prakashan surged 2.34%. In PSU Bank, only Punjab Sindh Bank and SBI ended in green at 1.4% and 0.2% respectively. IOB and Union Bank of India remained unchanged.
China lifts the Asian Markets:
Chinese stocks led the gains for Asian markets as investors bank on steady recovery of the 2nd largest economy. However, the US stimulus capped the gains with a firm dollar and limited yuan. MSCI’s broadest index in the APAC region outside of Japan rose 1%, thereby achieving a high of 2-1/2-year. The gains were backed by Chinese blue chip stocks as well as 2% advance of the Hang Seng index. Japan’s Nikkei also traded sideways with a 0.3% slip as investors worried about corporate earnings.
Indian rupee stood firmly against the dollar during the initial trading session, however, a strong dollar ended the session at Rs. 73.30 against a dollar.