Mumbai: Equity Benchmark Sensex Nifty opened on a choppy note on Tuesday, tracking weakness in index heavyweights Infosys, ICICI Bank and HCL Tech amid a negative trend in global markets.
After jumping over 200 points in the opening session, the 30-share Sensex was trading at 60,101.16, down 34.62 points or 0.06 per cent. Similarly, the Nifty closed at 17,943.50, down 2.45 points or 0.01 per cent.
HCL Tech was the top loser in the Sensex pack, falling over 2 per cent, followed by M&M, Infosys, Tech Mahindra, ICICI Bank, Bajaj Finance and IndusInd Bank.
On the other end, Bajaj Auto, Titan, Dr Reddy’s, State Bank Of India and were among the beneficiaries of ITC.
In the previous session, the 30-share index had closed 76.72 points or 0.13 per cent higher at 60,135.78 and the Nifty was up 50.75 points or 0.28 per cent at its all-time high of 17,945.95.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,303.22 crore on Monday, according to exchange data.
According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the resilience of the market in general and the momentum in the broader market in particular can be explained by just one factor – the enthusiasm and dominance of novice retail investors.
He added that institutional sales are being easily absorbed by retail investors, who are not worried about valuations.
Weakness in IT and strength in banking which played out as expected in the previous session need not become a trend. The results of Infosys, Wipro and HCL Tech may not disappoint the market like TCS, he said, adding that TCS’ results were good – only below market expectations.
“Now, INR 75.35 against the dollar is turning out to be a major tailwind for IT. Hence, investors should invest in IT and buy even on downside as the demand environment for the sector remains strong. Remains. Crude at $84 and its potential inflation has declined. Areas of concern,” he said.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US also ended the overnight session on a negative note.
Meanwhile, international oil benchmark Brent crude fell 0.07 per cent to $83.59 a barrel.
After jumping over 200 points in the opening session, the 30-share Sensex was trading at 60,101.16, down 34.62 points or 0.06 per cent. Similarly, the Nifty closed at 17,943.50, down 2.45 points or 0.01 per cent.
HCL Tech was the top loser in the Sensex pack, falling over 2 per cent, followed by M&M, Infosys, Tech Mahindra, ICICI Bank, Bajaj Finance and IndusInd Bank.
On the other end, Bajaj Auto, Titan, Dr Reddy’s, State Bank Of India and were among the beneficiaries of ITC.
In the previous session, the 30-share index had closed 76.72 points or 0.13 per cent higher at 60,135.78 and the Nifty was up 50.75 points or 0.28 per cent at its all-time high of 17,945.95.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,303.22 crore on Monday, according to exchange data.
According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the resilience of the market in general and the momentum in the broader market in particular can be explained by just one factor – the enthusiasm and dominance of novice retail investors.
He added that institutional sales are being easily absorbed by retail investors, who are not worried about valuations.
Weakness in IT and strength in banking which played out as expected in the previous session need not become a trend. The results of Infosys, Wipro and HCL Tech may not disappoint the market like TCS, he said, adding that TCS’ results were good – only below market expectations.
“Now, INR 75.35 against the dollar is turning out to be a major tailwind for IT. Hence, investors should invest in IT and buy even on downside as the demand environment for the sector remains strong. Remains. Crude at $84 and its potential inflation has declined. Areas of concern,” he said.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US also ended the overnight session on a negative note.
Meanwhile, international oil benchmark Brent crude fell 0.07 per cent to $83.59 a barrel.
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