The Indian stock markets closed little changed but gained for the third straight week led by a rally in bank stocks. The Sensex ended the little changed at 27,238 but advanced 1.9% for the week, While Nifty climb nearly 1.9% for the week, the 50-share index failed to hold on to the 8,450-mark.
NSE Nifty was down 6.85 points at 8400.35, while BSE Sensex closed down 9.10 points at 27238.06.
IT has tumbled badly, dragged down by TCS and Infosys plunging 3.3% and 2.1% respectively, post results’ announcement. Auto follows with 0.9% downside, dragged down by the falling Tyre stocks.
On the other hand, the Financial Services sector remains up with 0.6% gains driven by Axis Bank and HDFC. Apart from Axis Bank and HDFC, GAIL and Auro Pharma are the top gainers; while TCS, Infosys, Hindalco and Tata Motors are the top losers for the Nifty.
SpiceJet hit their highest level in a month after company said its purchase of 205 planes from Boeing Co will not add to their debt. The airliner’s stock was up 3%.
While shares of Infosys wiped the gains due to mixed Oct-Dec earnings, those of TCS were down 2% as changes at the top management and headwinds for the sector led to concern about growth.
GAIL is up by more than 2.15 % along with ONGC which is up by 2.01%. Reliance Industries is up by 0.82% trading at Rs 1092 per share. The other stock that is supporting the market in the first hour is HDFC, Coal India and Axis Bank.
Electrosteel Castings is having a good day on the Street. The stock of the company has opened in green; and as at 10.35 am is trading with gains of 5%. It has witnessed a spurt in volumes by more than 1.83 times.
The stock has witnessed a significant movement as the Government of India has granted a mining lease of 192.5 hectare in Jharkhand.
Axis Bank is trading at Rs 459.25 per share, up by Rs 4.05 per share or 0.89%. The stock opened today at Rs 457 per share and touched a high of 461.90, gaining Rs 6.70 per share or 1.47%. The stock has seen an addition of 1027 contracts or 2.94% to its Open Interest.
Kotak Mahindra Bank Limited is trading at Rs 732.80 per share, up by Rs 4.85 per share or 0.67%. The stock opened today at Rs 731.50 per share and touched a high of Rs 735.60 per share, gaining Rs 7.65 per share or 1.05%. The stock has seen an addition of 44 contracts or 0.29% to its Open Interest.
Short built up is being seen in the top two IT companies of India.
Infosys has seen an addition of 8813 contracts or 15.01% in its Open Interest. The stock is trading at Rs 992 per share, down by Rs 8.05 per share or 0.80%.
TCS has seen an addition of 5101 contracts or 14.37% in its Open Interest. The stock is trading at Rs 2289.15 per share, down by Rs 55.20 per share or 2.35%.
The rupee was trading at 68.23 against the US dollar.
Out of 1,908 stocks traded on the NSE, 859 declined,698 advanced and 351 remained unchanged today.
Top 5 Nifty Gainers: Axis Bank (3.41%), ITC Ltd. (2.11%), GAIL (2.04%), HDFC (1.67%) and Sun Pharma (0.96%).
Top 5 Nifty Losers: TCS (-4.02%), Infosys Ltd. (-2.87%), NTPC (-1.70%), Maruti Suzuki (-1.65%) and Dr. Reddys Lab (-1.04%)
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