38 mins ago
Indian Markets Rise as IT Stocks, HDFC Bank Rally
India’s main stock markets rose early on Tuesday.
The Sensex and Nifty both moved higher.
IT companies were among the biggest reasons for the increase.
HCL Tech, Tech Mahindra, Tata Consultancy Services and Infosys gained strongly.
HDFC Bank also helped lift the market.
An expert said that progress on choosing HDFC Bank’s next chief executive could support stocks.
Oil prices rose, while Asian markets were mixed.
Foreign investors had sold Indian shares worth Rs 930.90 crore on Friday.
Sensex gained 233.66 points to 75,022.37 in early Tuesday trade.
Nifty rose 63.85 points to 23,462.30, led by IT stocks and HDFC Bank.
HCL Tech, Tech Mahindra, Tata Consultancy Services and Infosys posted strong gains.
Bharat Electronics, Bajaj Finserv, NTPC and Titan were among the laggards.
Brent crude rose 1.30% to $107, while Asian markets showed mixed performance.
- Who
- Indian benchmark indices, IT companies, HDFC Bank and market investors were involved.
- What
- The Sensex and Nifty rose in early trade, led by IT stocks and HDFC Bank.
- Where
- Indian stock exchanges, with market indicators also reported from Asian and US markets.
- When
- Tuesday early trade; the comparison foreign-investor data and previous closing figures were from Friday.
- Why
- Strong buying in IT stocks and HDFC Bank supported the rise; clarity over HDFC Bank’s next MD and CEO was also cited as a positive factor.
Key facts
- Sensex
- Up 233.66 points to 75,022.37 in early trade.
- Nifty
- Up 63.85 points to 23,462.30.
- Top IT gainers
- HCL Tech rose 6.5%, Tech Mahindra 5.6%, Tata Consultancy Services 5.10%, and Infosys 4.83%.
- Other gainers
- HDFC Bank, ITC, Hindustan Unilever and Tata Steel were among the winners.
- Brent crude
- Rose 1.30% to $107 per barrel.
- Foreign institutional investors
- Sold equities worth Rs 930.90 crore on Friday.
- Market holiday
- Indian equity markets were closed on Monday for Ganesh Chaturthi.
Quotes
V K Vijayakumar
Chief Investment Strategist at Geojit Investments Limited
“A positive for the Indian market is that there is clarity emerging on the choice of HDFC Bank MD and CEO. A quick acceptance of the name of the successor by the RBI can influence the benchmark index significantly,”
rediff.com
deccanchronicle.com
thehansindia.com
Sources
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