Indian stock market held on to their last week’s closing levels following the better corporate earnings in ongoing reporting season kicked-off by IT major Infosys last week. Both the benchmark indices witnessed somewhat volatile but a range-bound session. Markets are marking their highest close in nearly one month and showing optimism ahead of result announcement by some heavyweights including TCS and Reliance Industries. The broad-based index Nifty hardly moved beyond 30-points trading range and rose by just 16.50 points and closed at 6112.70 up 0.27%, while Sensex, zooming about 78.95 points wrapped up the session at 20607.54 up 0.38%.
50-share index Nifty held the crucial level of 6100 throughout the day after successfully managing to cross the level in early trades. Analysts are pretty optimist that some good earnings reported by corporates in the ongoing session can provide the boosters to the markets and Nifty may see the new life-time high. On the other hand, uncertainty about the monetary policy could constrain further gains in shares, while any disappointment in earnings could also spark a pullback.
Markets expected to be influenced by companies reporting July-September earnings, including Reliance Industries which gained 0.8% ahead of its quarterly results later in the day, and TCS & HDFC Bank Ltd. on Tuesday. TCS ended up 4.3% after marking its all-time high of Rs. 2225 and became the most valued Indian company with a market cap of Rs. 4.3 lakh crore. Expectations are high that TCS will outperform the sector when it will announce its Q2 results on Tuesday.
Most of the sectoral indices ended below the previous close level today, but not very significantly as the indices closing in green terrain made the substantial gains. CNX IT was spotted far ahead of others indicating the mood and carrying the market alone by gaining 2.16% and followed by CNX PSU Bank (0.78%), CNX Service (0.76%) and Bank Nifty (0.41%). CNX Metal experience the bad day, most among the losers, as fell by -0.75% and chased by CNX FMCG (-0.65%), CNX Consumption (-0.44%) and CNX MNC (-0.43%).
Market breadth remained positive at the close today as 614 stocks rose against 553 declined while 54 remained unchanged.
Out of 50 stocks of Nifty, 23 advanced and 26 declined with 1 remaining unchanged.
Top Five Nifty gainers: TCS led the Nifty Gainers list and registered 4.55% gain followed Ambuja Cement (2.77%), Wipro (2.41%), ACC (2.27%) and Bank of Baroda (1.63%).
Top Five Nifty Losers: Hindalco was the biggest loser and fell by -3.24% followed by Asian Paints (-3.02%), GAIL (-2.14%), Cipla (-2.06%) and Tata Steel (-1.96%).
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