Sensex, Nifty flat; IT stocks hog limelight Analysis for Jul 21, 2015

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The key domestic benchmark indices continued to hover near base line amid volatility during the late noon trading session as investors remained concerned on commencement of monsoon session in the Parliament.

At 14:14 hours, the 30-share barometer index, Sensex was trading at 28438.49 up by 18.37 points or by 0.06 per cent while the NSE Nifty was at 8606.15 up by 2.7 points or by 0.03 per cent.

According to analysts, investors are eyeing the key developments concerning the rollout of GST and the passage of the land acquisition bill for further cues.

In the range-bound trade so far, the BSE Sensex touched an intraday high of 28518.06 and an intraday low of 28354.81, while the NSE Nifty touched an intraday high of 8646.75 and an intraday low of 8588.25.

Further, shares of Infosys rallied over 12 per cent after IT major posted higher-than-expected Q1 numbers as net profit jumped by 5 per cent to Rs 3,030 crore, topping street expectations of Rs 3,017 crore on strong volume growth especially in the US, its major market. Also, Infosys" consolidated revenue soared by 12.4 per cent, year on year to Rs 14,354 crore in the June quarter and by 7 per cent from Rs 13,411 crore in Q4 FY 2014-15.

Other gainers on the D-street included Bharti Airtel Ltd. (Rs. 447.80,+4.27%), Wipro Ltd. (Rs. 583.00,+2.75%), Bharat Heavy Electricals Ltd. (Rs. 289.45,+2.48%), Coal India Ltd. (Rs. 431.30,+1.38%), among others.

However, the gains remained capped by selling pressure witnessed in stocks including Sun Pharmaceutical Industries Ltd. (Rs. 815.50,-13.87%), Hindustan Unilever Ltd. (Rs. 877.90,-3.82%), Vedanta Ltd. (Rs. 138.00,-3.77%), Lupin Ltd. (Rs. 1908.10,-3.56%), Tata Steel Ltd. (Rs. 275.55,-2.98%), among others.

Among the sectors, IT and TECK hogged the lime light while Healthcare and FMCG index were among the top losers. The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2709 shares traded, 1094 shares advanced, 1512 shares declined while 103 remained unchanged.

On the global front, European counters including CAC, FTSE and DAX all were trading in red, while Asian shares ended the day in a positive tone taking heart from fresh highs on Wall Street, while gold prices took back some lost ground after plunging more than 4 per cent to five-year lows in the previous session.

Story first published: Tuesday, July 21, 2015, 14:48 [IST]
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