Sensex Ends 419 Points Higher; IT and Banking Stocks Witness Huge Buying

Thu, 16 Jul Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

Indian share markets continued their momentum and ended on a strong note today.

Benchmark indices ended higher for the second consecutive day today helped by gains seen in pharma, banking and IT stocks.

At the closing bell, the BSE Sensex stood higher by 419 points (up 1.2%).

The NSE Nifty closed higher by 121 points (up 1.2%).

The SGX Nifty was trading at 10,696, up by 46 points, at the time of writing.

The BSE Mid Cap index ended up by 0.7%.

The BSE Small Cap index ended down by 0.1%.

On the sectoral front, gains were largely seen in the IT sector and banking sector.

Telecom stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a negative note today. As of the most recent closing prices, the Hang Seng ended down by 2% and the Shanghai Composite stood lower by 4.5%. The Nikkei ended down by 0.8%.

The rupee is trading at 75.27 against the US$.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

In his latest video, Rahul Shah talks about a very effective technique for zeroing in on the right penny stock.

He also shares how can one go about implementing the same.

You can check the same here: What No One Told You About Finding the Best Penny Stocks

Moving on to stock specific news...

Infosys is among the top buzzing stocks today.

Infosys share price witnessed huge buying interest today after the company posted a stronger-than-expected 12.4% rise in the first quarter consolidated net profit.

The stock jumped 14.5% to its one-year high of Rs 952 on the BSE.

Infosys posted 12.4% rise in the first quarter consolidated net profit to Rs 42.7 billion, helped by large deals, and said its FY21 revenue is likely to grow by up to 2%.

The Bengaluru-based company, which logged large deal wins worth US$ 1.7 billion during the quarter, saw its digital revenues growing over 25% to US$ 1.38 billion (44.5% of total revenues).

The company had posted a net profit (before minority interest) of Rs 38 billion in the June 2019 quarter.

Revenue grew 8.5% to Rs 236.6 billion in the quarter under review from Rs 218 billion in year-ago period.

Infosys CEO and Managing Director Salil Parekh said that while COVID-19 pandemic still presents challenges, the company is reinstating its guidance for the full financial year at 0-2% in constant currency terms.

This announcement comes at the back of huge demand in areas of digital, strong deal pipeline and better growth visibility despite the coronavirus pandemic, the reports noted.

The company is seeing huge demand in the areas of digital such as cloud, automation, cybersecurity and vendor consolidation, which the company stated it benefitted from.

How this pans out remains to be seen. We will keep you updated on all the developments from this space.

In other news, Marico share price was also in focus today as the board of the company approved the Scheme of Amalgamation between Marico Consumer Care and Marico Limited and their respective shareholders and creditors.

Board appointed Pawan Agrawal as the Chief Financial Officer of the Company with effect from September 10, 2020.

Moving on to news from commodity space, gold witnessed selling pressure today on the back of a stronger dollar and rise in equities in the global markets.

However, concerns over rising coronavirus cases and simmering US-China tensions kept bullion close to a near nine-year high.

Gold prices in India today fell slightly today but held above Rs 49,000 levels.

On MCX, August gold futures fell 0.1% to Rs 49,211 per 10 grams after rising 0.2% in the previous session.

In global markets, gold prices edged higher today as worries over surging coronavirus cases and renewed US-China tensions propped up demand for the safe-haven metal.

The yellow metal held above the key psychological US$1,800 level, rising 0.1% to US$1,808.6 per ounce.

Speaking of gold, note that the yellow metal is in focus lately.

Gold futures in the US had crossed the US $1,800-an ounce mark earlier, but for the first time in 8 years, even the spot price was above US$ 1,800.

The yellow metal is also in focus lately after US Federal Reserve Chairman Powell said that output and employment remain far below their pre-pandemic levels and cautioned that the outlook for the economy is "extraordinarily uncertain."

So, is this the right time to buy gold?

In my video on 11th of June 2020, Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, had said it would be institutions and large investors who would drive gold price higher.

And the recent data has justified his view.

In his latest video, Vijay now makes his case for why gold is likely to go higher.

Tune in to find out more...

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers