Markets Close Higher With IT Sector In Focus, Sensex Nears 81,800
Market sentiment this week is going to be governed by a mix of factors including the anticipated domestic macroeconomic data, corporate earnings, as well as global developments.
The benchmark indices closed in the green, for a third consecutive session on Monday as the 30-share BSE Sensex stood at 81,790.12, registering a jump of 582.95 points and the Nifty50 ended at 25,077.65, climbing 183.40 points.
Earlier today, the markets had opened on a muted note before rising eventually. Market sentiment this week is governed by a mix of factors including the anticipated domestic macroeconomic data, corporate earnings, as well as global developments.
The domestic equity market closed higher, driven by gains in the financial services and IT sectors ahead of the Q2 earnings season. The banking index led the rally, supported by robust quarterly updates from major scheduled banks and attractive valuations, said Vinod Nair, Head of Research at Geojit Investments Limited, reported PTI.
Gainers And Sectoral Indices
The top gainers included TCS, TechMahindra, Eternal, Axis Bank and Bajaj Finance, and among the laggards were stocks like ICICI Bank, Asian Paints, Tata Motors, ITC and NTPC.
In the broader markets the Nifty Microcap Index ended 0.29 per cent lower at 23.442.50 and sectorally, Nifty IT closed 2.28 per cent higher due to the anticipated IT sector results, especially after the H-1B visa fee hike.
What Do Analysts Say?
Additionally, the second-quarter results season will take centre stage as IT major Tata Consultancy Services (TCS) kicks off the earnings calendar on October 9, according to analysts.
Further, foreign portfolio investors (FPIs), who remained net sellers through September, will also be closely monitored. FPIs withdrew Rs 23,885 crore (approximately $2.7 billion) from Indian equities last month, taking year-to-date outflows to Rs 1.58 lakh crore ($17.6 billion).
Global Indices
Across Asia, Japan’s Nikkei 225 surged nearly 5 per cent, while Hong Kong’s Hang Seng index ended lower. Markets in China and South Korea remained closed for holidays.
European stock markets were trading in negative territory, and US indices closed on a mixed note on Friday. Meanwhile, global oil benchmark Brent crude rose 1.78 per cent to USD 65.68 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,583.37 crore on Friday, according to exchange data.
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