By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian markets trade positive for the fourth consecutive day supported by IT and banking stocks.
Nifty went up by 1.11% or 120.50 points and closed above the 11K mark at 11,022.20, while S&P BSE Sensex went up by 1.08% or 398.85 points and closed at 37,418.99.
Around 1487 shares advanced, 181 shares remained unchanged, while 1154 shares declined.
Britannia Industries (5.12%), Bajaj Finance (4.08%), HCL Technology (4.21%), Bajaj Finserv (4.00%), and UPL (4.07%) were among top Nifty gainers, while Sun Pharma (3.90%), Cipla (2.15%), Zee Entertainment (1.72%), BPCL (1.68%), and NTPC (1.25%) were among top Nifty losers.
Except Pharma, all other sectoral indices traded positive. BSE Midcap and BSE Smallcap went up by 0.92% and 1.02% respectively.
Stocks of Federal Bank went up by 3.17% and traded at Rs.53.70 after the top investor Rakesh Jhunjhunwala increased his stake in the bank by purchasing 22 lakh shares of the company.
Stocks of IT giant Infosys Limited went up by 4.41% and traded at Rs.942.95 as the company announced a strategic relationship with LANXESS to help the company re-imagine their workplace.
Hathway Cable and Datacom Limited
The stocks of Hathway Cable and Datacom Limited went up by 9.95% and traded at Rs.48.05 as the net sales of the company went up by 9.49%, net profit went up by 127%, and operating profit went up by 18% for the first quarter of FY21.
Ace investor Rakesh Jhunjhunwala increased his stake in the company by 0.38 basis point by purchasing additional 725,000 equity shares of the company in the first quarter of FY21. As a result, the stocks of the company went up by 2.47% and traded at Rs.292.65.
Dixon Technologies (India) Limited
Stocks of the company went up by 5.87% and traded at Rs.6849.00 after the FPI investments in the company raised their stake to 1,419,732 shares in the first quarter of the FY21. The current FPI stake in the company stands at 12.27%.
Indian Rupee ended higher at Rs.74.91 against the US Dollar amid the positive sentiments in domestic equity markets as financial and FMCG giants traded at gain.
Gold prices traded lower in today’s session at $1800 per ounce. The worries regarding the rising number of coronavirus cases across the globe supported the trend.
Oil prices dropped in today’s trading session as the rising number of coronavirus cases around the world raised concerns regarding the recovery in demand for the crude oil.
Global Markets Trade Lower
The global markets traded lower in today’s session due to the rising number of coronavirus cases and uncertainty regarding the launch of the vaccine. European markets traded lower at FTSE MIB went down by 0.18% while FTSE 100 tripped down by 0.77%. Hang Seng declined by 0.12% while Nasdaq and Nikkei 225 traded positive, gaining 0.28% and 0.09% respectively.