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Nifty Ends The Day Higher; IT Stocks Fall

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Benchmark indices ended the day higher after trading in a tight range for most of the day. This was due to a solid rally seen across the global and Asian markets after a sharp rally in crude oil prices.

 

The Sensex closed the day higehr by 102 points, while the Nifty closed higher by 24 points.

Nifty Ends The Day Higher; IT Stocks Fall
Indices
Leading the set of losers were stocks from the IT pack. HCL Tech saw heavy selling pressure. In fact, the stock of HCL Tech fell to a new 8 month low in trade and has dropped 16%, since sounding a revenue warning.

Infosys also dropped lower, ahead of the company's quarterly results to be declared later on Monday. Banking stocks had a mixed spell in trade with private sector names like Axis Bank and ICICI Bank falling in trade, while Punjab National Bank and Canara Bank were among the winners.

Glenmark Pharma fell after the Delhi HC restrained the company from selling anti diabetes drug. Real estate stocks saw some traction with Phoenix Mills rising after the company said that it had acquired a 19.38 percent equity stake in Gangetic Hotels.

 

Meanwhile, markets across Asia ended the day with gains led by a sharp rally in the Hong Kong's Hang Sang and the Taiwan Weighted.

GoodReturns.in

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