The Indian stock market gained for a third day with benchmarks extending their two-month high lead as some investors assessed that the impact of the demonetisation may be factored in and take positions ahead of the Union Budget early next month.
NSE Nifty was up 26.55 points or 0.3 percent at 8407.20, while BSE Sensex ended up 106.75 points or 0.4 percent at 27247.16.
Broader markets remained underperformers throughout the day where midcap closed 0.2% higher while small cap retreated to close lower by 0.2%.
On the sector specific front, IT surged the most with 1.8% gains, driven by heavy weight Infosys gaining 3%.
On the contrary, the FMCG sector plunged 0.9% where the giants HUL, ITC, UBL and Tata Global posted 1% losses each.
Pharma too closed 0.5% down but recovered in the afternoon session from day’s low. Power stocks were charged wherein NTPC, Power Grid remained the top Nifty gainers while Telecom major Idea and Pharma major Lupin were the top losers for the Nifty.
Going forward, we hold 8460 followed by 8511 as the next major resistance while 8390-8380 followed by 8300 as the major support for Nifty. We keenly await Infosys’ results in tomorrow’s session.
Infosys: The stock was the biggest contributor to the index gains throughout the day holding the markets steady. The stock closed up by more than 3%.
L&T: One of the top contributors to the index gains, L&T remained in green throughout the session in line with the Capital Goods Index.
NHPC: The power stock was buzzing on bourses as the company declared a dividend of Rs 1.70 per share.
Coal India: The stock underperformed markets despite the reports that it might increase the thermal coal pricing.
Power Grid: The stock was one of the top gainers in the index reaching new highs in today’s trade, rising than 4%.
The rupee was trading at 68.07 against the US dollar.
Out of 1,908 stocks traded on the NSE, 918 declined, 679 advanced and 311 remained unchanged today.
Top 5 Nifty Gainers: NTPC (5.84%), Infosys Ltd. (3.51%), L&T (2.42%), CIPLA (1.50%) and Wipro (1.47%).
Top 5 Nifty Losers: Lupin Ltd. (-1.87%), Hindustan Unilever (-1.67%), Dr. Reddys Lab (-1.23%), M&M (-1.18%) and Coal India (-1.15%)
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