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Tech stocks uplifts market
Sensex rises by 160 pts; Nifty marked marginal gains to close at 11,588
Mumbai: Market benchmark BSE Sensex rose by 160 points on Monday driven by heavy gains in index heavyweight Infosys and positive macroeconomic data.
The 30-share index settled higher by 160.48 points or 0.41 per cent at 38,896.71 after a volatile trade.
During the day, it swung between an intra-day high of 39,023.97 and a low of 38,696.60. The broader NSE Nifty gained 35.85 points or 0.31 per cent to end at 11,588.35 as IT, pharma and auto stocks advanced. As many as 23 components gained while 27 closed in the red.
"With the leadership stocks announcing earnings, things have not been as bad as the market had expected. With positive global cues, the markets have found some stability," Sanctum Wealth Management Chief Investment Officer Sunil Sharma said.
Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June. Retail inflation was also below the RBI's target, raising expectation of further rate cut by the central bank.
Sectorally, BSE teck, healthcare and auto indices rallied while BSE capital goods, industrials, telecom, consumer durables and FMCG indices fell up to 1.46 per cent.
Broader BSE midcap and smallcap indices underperformed the benchmark indice, dropping up to 0.63 per cent. Market breadth was negative as 1,590 scrips of the total 2,633 that traded on BSE declined while 881 counters advanced.
On the currency front, the Indian rupee appreciated 17 paise to 68.52 against the US dollar (intra-day). Meanwhile, the global oil benchmark Brent crude futures were trading 0.42 per cent higher at $67 per barrel.
