Sensex up by 288 points, Nifty crosses 24,800 mark; IT stocks break losing streak to top charts as Infosys leads
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The Indian benchmark indices opened on a positive note, with the BSE Sensex up by 288 points, 81,075.75, and the NSE Nifty up by 0.34% at 24,856.40.
Out of the 2508 stocks traded today on the NSE, 1,234 advanced, 1,777 declined, and 97 remained unchanged. On the BSE, out of the 3,060 companies, 1504 advanced, 1,394 declined, and 162 remained unchanged.
Leading the Nifty 50 pack was Infosys, the second largest IT company, which rose sharply by 3.78% after being in the slump for five consecutive sessions. Its shares are now trading at ₹1,480.90 apiece. Following suit is Wipro, which advanced by 2.67%, at ₹249.
Other IT stocks too saw a rebound, with Tech Mahindra adding 1.83%, while HCL Technologies was up by 1.18% and TCS by 0.99%.
Major laggards dragging the indices down were Eternal, which fell by 1.06%, Bajaj Auto, down by 0.65% and Shriram Finance by 0.50%.
Broader markets showed a more cautious stand, as the Nifty Midcap 50 and the Nifty Smallcap 50 was marginally down by 0.05%.
Sector-wise, Nifty Auto was in the red, breaking its winning streak and declined by 0.11%. Investors indulged in profit booking during early trading hours, with Mahindra and Mahindra and Bajaj Auto reducing by nearly 0.50%.
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Nifty IT finally thawed and is outperforming its sectoral peers. All the constituents of the IT index were trading in the green at the time of reporting. The rebound is attributed to Infosys announcing that it would be reviewing a proposal for the buyback of its equity shares during a meeting to be held on September 11.
Apart from that, the US markets closed higher in Monday's session as well, as investors wait for inflation reports, which could bolster hopes for the Federal Reserve rate cut. The Nasdaq hit a new high in intraday trading, and closed above by 0.45%, whereas the Dow Jones Industrial Average advanced 0.25%, and the S&P 500 was up 0.21%