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IT stocks gain

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Capital Market
Last Updated : Feb 20 2018 | 1:50 PM IST

A bout of volatility was witnessed in afternoon trade as key indices trimmed gains after regaining strength. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 66.06 points or 0.2% at 33,840.72. The Nifty 50 index was up 13.45 points or 0.13% at 10,391.85. Bargain hunting emerged on the bourses after the recent losses.

Stocks struggled for direction in opening trade amid mild volatility. Soon the key benchmark indices nudged higher and posted small gains in early trade. Stocks extended early gains and hit fresh intraday high in morning trade. Key benchmark indices trimmed gains soon after hitting intraday high in mid-morning trade. The market hovered with small gains in early afternoon trade. Indices trimmed gains after regaining strength in afternoon trade.

The S&P BSE Mid-Cap index was up 0.16%. The S&P BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was slightly positive. On the BSE, 1,286 shares rose and 1,248 shares fell. A total of 130 shares were unchanged. Breadth was negative in early trade. It was strong in morning trade. It once again turned negative in mid-morning trade.

IT stocks gained on weak rupee. Infosys was up 1.3%, TCS 1.24%, HCL Technologies 0.22%, Tech Mahindra 0.54% and Wipro rose 0.64%. Weakness in rupee augurs well for the IT sector as IT companies derive substantial revenue from the exports of IT services.

R. Chandrashekhar, president of the National Association of Software and Services Companies (NASSCOM) was quoted by media as saying that India's software services sector will see revenue growth of 7-9% in constant currency terms in the fiscal year to March 2019.

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Capital goods stocks were mixed. L&T was down 0.27%, BEML 0.31%, Bharat Electronics 0.59%, and Thermax 0.75%. However, Bharat Heavy Electricals was up 0.05%, ABB India 2.3%, Havells India 1.06%, and Siemens gained 0.45%.

KEC International was up 0.69% to Rs 379.85 after the company's promoter entity viz. Instant Holdings, increased stake in the company via bulk purchases yesterday, 19 February 2018. Stellar Energy Trust sold 28.05 lakh shares of KEC International to promoter Instant Holdings at Rs 395.95 per share in a bulk deal on the BSE yesterday, 19 February 2018. Instant Holdings controlled 7.01% stake in KEC International end December 2017.

Overseas, most Asian stocks fell as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February 2018. Markets in Taiwan will reopen tomorrow, 21 February 2018 after a week-long holiday break. US markets remained closed yesterday, 19 February 2018 in observance of President's Day.

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First Published: Feb 20 2018 | 1:22 PM IST

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