Nifty above 10,400 mark; HCL Tech, TCS stocks gain
Equity benchmark indices swung between gains and losses as buying in IT stocks was offset by selling pressure in oil retailers and pharma shares.
Benchmark indices opened flat on Thursday amid weak global cues and a spike in crude oil prices and ahead of corporate earnings and macro data.
At 11:12 AM, the BSE Sensex was trading at 34,036, up 96 points, while the Nifty50 index was trading at 10,431, up 14 points.
The BSE Midcap and the BSE Smallcap indices were up by 0.27% and 0.28%, respectively.
Oil stocks were trading lower for the second day in a row after crude oil prices in international markets rose to levels last seen in 2014. HPCL, BPCL and IOC down in the range of 1-2%.
The Nifty IT index jumped 1.6%. TCS, Tata Elxsi are trading over 2.5% each.
The rupee extended losses today, falling 0.2% to 65.44 against the US dollar after opening flat.
Volatility index India VIX was down 0.32% to 14.6725.
TCS (+2.6%), Infosys (+2.1%), Tech Mahindra (+1.7%), HCL Tech (+1.6%) and Wipro (+1.5%) were the top gainers on Nifty50.
BPCL (-1.6%), Dr.Reddy’s (-1.5%), HPCL (-1.5%), Lupin (-1%) and Coal India (-0.97%) were the top losers in today’s trade.
Out of 2,029 stocks traded on the NSE, 859 advanced, 719 declined and 451 remained unchanged today.
A total of 13 stocks registered a fresh 52-week high in trade today, while 17 stocks touched a new 52-week low on the NSE.
Asian indices opened on a flat note as markets awaited further news flow on rising geopolitical tension as US President Donald Trump warned of missiles attacks against Syria. Gold prices hit 1-month high, while bond yields softened as money exited equities and bought safety.
The rising tension in Middle East will see volatility rise, as markets consolidate with flows now seeing buying opportunities in Asian markets.