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Markets rally for 2nd day on buying in IT stocks

Markets rally for 2nd day on buying in IT stocks

Image used for representational purpose only.

Image used for representational purpose only.
| Photo Credit: Special Arrangement

Equity benchmark stock indices Sensex and Nifty closed higher for a second straight day on November 16 following gains in IT, tech and consumer durable shares amid a mixed trend in global equities.

Softer-than-expected U.S. inflation data and easing bond yields have also brought optimism in equity markets.

The 30-share BSE Sensex climbed 306.55 points or 0.47% to settle at 65,982.48. During the day, it jumped 682.44 points or 1% to 66,358.37.

The Nifty gained 89.75 points or 0.46% to 19,765.20.

“The Indian market continued its positive resurgence, tracking global gains. Softer-than-expected US inflation data and easing bond yields have bought optimism that spending will emerge like in technology.

“Taking the cues further, IT stocks showed a significant jump in the broader market. The market is sensing that export-based sectors like IT and pharma could be future winners. While cut in inflation will also benefit domestic placed staples and consumer sector,” said Vinod Nair, Head of Research, Geojit Financial Services.

Among the Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Bajaj Finance, NTPC, Mahindra & Mahindra and Bajaj Finserv were among the major gainers.

Axis Bank, Power Grid, ITC and ICICI Bank were the major laggards.

In the broader market, the BSE midcap gauge jumped 0.52% and smallcap index climbed 0.52%.

Among the indices, IT jumped 2.59%t, teck rallied 2.13%, healthcare (0.98%), realty (0.98%), oil & gas (0.84%), telecommunication (0.68%) and consumer discretionary (0.64%).

FMCG, bankex and metal were the laggards.

In Asian markets, Seoul settled in the green, while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading on a mixed note. The US markets ended with gains on Wednesday.

Global oil benchmark Brent crude declined 0.54% to $80.74 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth ₹550.19 crore, according to exchange data.

“Although key indices pared gains towards the closing hour, markets continued their upward bias due to an upsurge in IT and realty stocks. Moderating inflation in the US could be signalling that the Federal Reserve may be done with rate hikes, which is good for global markets.

“Further, domestic economic numbers like exports have shown signs of recovery, which has further boosted the market sentiment and has triggered renewed buying interest in recent sessions,” Prashanth Tapse, Research Analyst-Sr VP Research, Mehta Equities Ltd, said.

The BSE benchmark jumped 742.06 points or 1.14% to settle at 65,675.93 on Wednesday. The Nifty climbed 231.90 points or 1.19% to 19,675.45.

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