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Sensex, Nifty End In The Green; IT Stocks Rally

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The benchmark indices continued to rise as demand for IT stocks led by Infosys, TCS, HCl Tech, and Tech Mahindra. The Nifty Smallcap 50 index outperforms the larger market and benchmarks. Inflation in the June WPI was 12.07 percent, down from 12.94 percent in May. The high figure was attributed to the high cost of fuel, metals, and food.

 

The BSE Sensex ended 134 points higher, or 0.25 percent, at 52,904, while the Nifty closed 41 points higher, or 0.26 percent, at 15,853.

Sensex, Nifty End In The Green; IT Stocks Rally

All sectoral indices were trading in the green, with the exception of Nifty Auto, Nifty FMCG, Nifty PSU Bank, and Nifty Realty. The Bank Nifty gained 0.07 percent.

Banking stocks are under the spotlight ahead of important quarterly reports in June 2021. On July 26, ICICI Bank and Axis Bank will release their first-quarter results, while Kotak Bank will release its earnings report on July 27.

The rupee has lost 12 paise to 74.61 against the US dollar in currency markets, as investor sentiment has been pulled down by a strong US dollar and weak domestic equities.

 

On the BSE, Tech Mahindra has risen 2.3 percent to 1074.90, putting it at the top of the gainer's list.

After its profit in the June quarter increased 8.2 percent sequentially to 343 crore, Mindtree soared as much as 7.2 percent to a new high of 2,674.55.

By converting debt of up to Rs1,325 crore, Reliance Power would issue 59.50 crore equity shares and 73 crore warrants, which will be convertible into an equivalent number of equity shares of the firm at a price of Rs10 per share.

So far, the initial public offering of Zomato, one of India's top food delivery platforms, has been subscribed 52 percent on the first day of bidding.

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