Sensex, Nifty Clear early wins; Information technology stocks outperform
Indian stock indices erased early gains on Friday as gains in information technology stocks like HCL Technologies, Tata Consultancy Services, Wipro and Infosys were offset by losses in State Bank of India, HDFC, IndusInd Bank , Kotak Mahindra Bank and the index heavyweight Reliance Industries. Sensex rose 308 points and Nifty rose above 17155.
At 9:30 a.m., the Sensex was down 105 points to 57,210 and the Nifty 50 Index was down 49 points to 17,023.
Overnight, the S&P 500 posted a record close on Thursday, with oil prices also rising, with investors and traders bullish on positive economic data and updating the impact of the Omicron coronavirus variant on the economy. , even if the COVID-19 case counts. ascend.
Stocks rose broadly on the last trading day of the week before a long Christmas weekend in the United States, after data shows consumer spending rose 0.6% last month. The number of Americans filing new jobless claims remained below pre-pandemic levels last week, helping to boost earnings, Reuters news agency reported.
Back home, eleven of the 19 sector indicators compiled by the BSE were trading higher, led by the more than 1% gain in the S&P BSE Information Technology Index. The S&P BSE Teck, Telecom, FMCG and Basic Materials indices also rose 0.3-0.9%.
In contrast, the Realty, Power, Oil & Gas, Bankex and Utilities indices traded with a negative bias.
Mid and small cap stocks traded mixed, with the S&P BSE MidCap index falling 0.45%, while the SP BSE SmallCap index trading on a flat note.
HCL Technologies was Nifty’s top winner, the stock rose nearly 3% to Rs 1,261. SBI Life, UltraTech Cement, Tata Consultancy Services, Asian Paints, Infosys, Divi’s Labs, Wipro, Dr Reddy’s Labs and Tech Mahindra also increased 0.6% to 1% each.
On the other hand, IndusInd Bank, Tata Consumer Products, UPL, Kotak Mahindra Bank, Axis Bank, NTPC, ONGC, Mahindra & Mahindra, HDFC, Tata Motors, Bharat Petroleum, Bajaj Finserv and Grasim were among the big losers in the Nifty basket. 50 shares.
The overall scale of the market was positive as 1,409 stocks rose while 1,250 fell on BSE.