Mumbai. Domestic stock markets closed with gains on Tuesday on the back of strong buying in Information Technology (IT) shares, ending the four-day losing streak. Sensex gained 382 points while Nifty closed 101 points higher. BSE’s 30-share benchmark index Sensex closed at 74,649.84, up 382.50 points or 0.52 per cent.
During trading, the Sensex jumped 1,047.07 points from its low of 73,815.12 points to 74,862.19 points. 20 out of 30 shares of the index closed with gains. Similarly, the standard index Nifty of National Stock Exchange (NSE) also closed at 23,483.55 points, up 100.95 points or 0.43 percent. Among Sensex companies, Tata Consultancy Services (TCS) recorded the highest gain of 6.53 percent.
Infosys gained 5.66 percent, HCL Tech gained 4.08 percent and Tech Mahindra gained 1.76 percent. Apart from this, shares of Adani Ports, Titan, HDFC Bank and Mahindra & Mahindra also remained profitable. On the other hand, shares of NTPC, Axis Bank, Power Grid and ICICI Bank remained in loss. Vinod Nair, head of research, Geojit Investments Ltd, said, “After the initial fall in the market, there was a sharp recovery in IT stocks.
Buying by investors in big companies indicates that the current valuation levels are being found attractive by investors.” The BSE IT index rose 4.40 percent on the back of rally in IT companies. Global oil benchmark Brent crude was trading 1.28 per cent lower at $93.76 per barrel. In other markets of Asia, South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng were on the rise, while Japan’s Nikkei closed with a decline.
European markets witnessed a rise during afternoon trading. American markets closed with gains on Monday. Hariprasad K, research analyst at Livelong Wealth. Said, “The sharp boom in the IT sector was the main reason for the improvement in the market. Strong results and positive outlook of American technology companies have provided support.” According to stock market data, foreign institutional investors (FIIs) had made a net sale of shares worth Rs 3,911.68 crore on Monday. On Monday, the Sensex fell 508.40 points and closed at 74,267.34 points, while the Nifty fell 165.15 points to 23,382.60 points.
