The markets were pulled up higher by the rally in information technology (IT) stocks after they witnessed profit booking in the previous trading session with Nifty IT rising as much as 1.41%.
Equities ended higher for the third straight session on Tuesday with the Sensex rising by 112.7 points (0.28%) to close at 40,544.37 whereas, Nifty rallied by 23.75 points (0.20%) to close at 11,896.8. The markets were pulled up higher by the rally in information technology (IT) stocks after they witnessed profit booking in the previous trading session with Nifty IT rising as much as 1.41%.
IT stocks in the Nifty have outperformed the benchmarks ever since the markets started bouncing back after March. The Nifty IT between March 23 till date has risen by 94% whereas, Nifty 50 for the same period has risen by 56.32%. The IT stocks in September also hit a new high in allocation by mutual funds.
Global markets also provided positive cues to the Indian markets on Tuesday with the European markets in France, Germany and the UK rising between 0.2% to 0.46% but, the gains in European equities were capped.
Asian markets also ended their trading session in the green with the bourses in Hong Kong, China and South Korea rising between 0.11% to 0.5%.
Deepak Jasani, head – retail research, HDFC Securities, said, “Asian stocks slipped on Tuesday as investors adjusted risk exposure ahead of the US election and ahead of a deadline for Washington to pass an economic stimulus bill. European equities struggled for traction on Tuesday as anxiety grew about the economic cost of the pandemic, while record Covid-19 cases in Europe also weighed on sentiment.” Foreign portfolio investors on Tuesday bought stocks worth $223.7 million. In October so far, the stock markets bought stocks worth $1.46 billion.
The futures and options segment saw a turnover worth Rs 16.85 lakh crore and the cash market saw a turnover worth Rs 47,641.28 crore. This is against the six month average of Rs 16.78 lakh crore and Rs 56,614 crore. The biggest gainers on the Nifty were HCL Technologies, Tech Mahindra, Asian Paints, Bharti Airtel, and HDFC Bank up by 4.29%, 3.17%, 2.94%, 2%, and 1.75%.
The biggest losers on Nifty were Britannia Industries, ONGC, GAIL, IOC, and UPL down by 5.82%, 2.6%, 2.29%, 2.15%, and 1.84%.
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