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Sensex Ends 419 Points Higher; IT and Banking Stocks Witness Huge Buying
Thu, 16 Jul Closing | Monish Vora, TM Team

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%.

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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.

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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.

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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 his 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


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Stock Market Updates

KPR MILL Share Price Up by 12%; BSE 500 Index Down 0.1% (Today's Market)

Aug 12, 2020 03:29 PM

KPR MILL share price is trading up by 12% and its current market price is Rs 504. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are KPR MILL (up 12.1%) and INTERGLOBE AVIATION (INDIGO) (up 10.1%). The top losers are DLF and BALRAMPUR CHINI .

STRIDES PHARMA SCIENCE Share Price Down by 5%; BSE HEALTHCARE Index Down 1.4% (Today's Market)

Aug 12, 2020 03:29 PM

STRIDES PHARMA SCIENCE share price is trading down by 5% and its current market price is Rs 607. The BSE HEALTHCARE is down by 1.4%. The top gainers in the BSE HEALTHCARE Index are PROCTER & GAMBLE HEALTH (up 4.5%) and ERIS LIFESCIENCES LIMITED (up 2.3%). The top losers are STRIDES PHARMA SCIENCE (down 5.2%) and CAPLIN POINT (down 5.0%).

SONATA SOFTWARE Share Price Up by 5%; BSE IT Index Up 0.5% (Today's Market)

Aug 12, 2020 03:27 PM

SONATA SOFTWARE share price is trading up by 5% and its current market price is Rs 299. The BSE IT is up by 0.5%. The top gainers in the BSE IT Index is SONATA SOFTWARE (up 5.5%). The top losers are PERSISTENT SYSTEMS (down 0.7%) and TCS (down 1.0%).

CROMPTON GREAVES CONSUMER ELEC. Share Price Down by 5%; BSE CONSUMER DURABLES Index Down 0.9% (Today's Market)

Aug 12, 2020 02:41 PM

CROMPTON GREAVES CONSUMER ELEC. share price is trading down by 5% and its current market price is Rs 263. The BSE CONSUMER DURABLES is down by 0.9%. The top gainers in the BSE CONSUMER DURABLES Index are VIP INDUSTRIES (up 3.6%) and BLUE STAR (up 2.2%). The top losers is CROMPTON GREAVES CONSUMER ELEC. (down 5.0%)..

HCL TECHNOLOGIES at 52 Week High; BSE 500 Index Down 0.1 % (Today's Market)

Aug 12, 2020 02:41 PM

HCL TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 719. BSE 500 Index is down by 0.1% at 14,753. Within the BSE 500, HCL TECHNOLOGIES (up 5.0%) and IDFC (up 17.6%) are among the top gainers, while top losers are RESPONSIVE INDUSTRIES and HINDUSTAN ZINC.

Indian Indices Recover from Day's Low; SBI Jumps 4% (Today's Market)

Aug 12, 2020 12:30 pm

The BSE Sensex is trading down by 63 points, while the NSE Nifty is trading down by 23 points.

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