Mid-Market—Sensex, Nifty up over 0.7% each on Dec trade deficit data; IT stocks lead Analysis for Jan 10, 2014

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Indian markets were extending gains in the afternoon session with both the benchmark indices trading higher by over 0.7 per cent after data showed that India"s trade deficit narrowed down significantly to USD 10.14 billion in December from USD 17.59 billion a year ago. IT stocks were in focus today after India"s second largest software exporter Infosys reported better-than-expected growth in third quarter profits. At 12:08PM BSE SENSEX was at 20869.2 up by 155.83 points or by 0.75 per cent while NSE Nifty was at 6212.25 up by 43.9 points or by 0.71 per cent.

Tata Consultancy Services (TCS), Tech Mahindra and HCL Technologies touched their 52-week high in the morning trade on Bombay Stock Exchange (BSE) after Infosys reported a 21.4 per cent rise in net profit for the quarter ended December 31 to Rs 2,875 crore from Rs 2,369 crore in the corresponding period of last fiscal. Infosys also revised its dollar revenue guidance for FY14 to 11.5-12 per cent from 9-10 per cent earlier.

The BSE MIDCAP was at 6659.79 up by 16.09 points or by 0.24 per cent. while the BSE SMLCAP was at 6647.48 up by 36.45 points or by 0.55 per cent.

The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 3552.00,+2.93%), Wipro Ltd. (Rs. 552.50,+2.17%), Reliance Industries Ltd. (Rs. 865.55,+1.76%), Tata Consultancy Services Ltd. (Rs. 2279.00,+1.58%), Oil And Natural Gas Corporation Ltd. (Rs. 284.25,+1.41%), among others.

The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 880.25,-1.48%), Coal India Ltd. (Rs. 291.65,-1.37%), Hindalco Industries Ltd. (Rs. 111.55,-1.11%), Bajaj Auto Ltd. (Rs. 1889.90,-1.00%), Maruti Suzuki India Ltd. (Rs. 1795.00,-0.98%), among others.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2176, shares advanced were 1151 while 903 shares declined and 122 were unchanged.

In BSE, BSE_IT index was at 9316.16 up by 199.68 points or by 2.19%. Mahindra & Mahindra Ltd. (Rs. 1885.00,+3.17%), Infosys Ltd. (Rs. 3552.00,+2.93%), Wipro Ltd. (Rs. 552.50,+2.17%), HCL Technologies Ltd. (Rs. 1309.00,+1.86%), Hexaware Technologies Ltd. (Rs. 141.45,+1.62%),.

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Story first published: Friday, January 10, 2014, 12:48 [IST]
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