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The benchmark indices have held on to their early gains on the back of an across-the-board rally in financial stocks and buying interest in IT majors.
At 11:30AM, the Sensex was at 28,368, higher by 132 points or 0.4% and the Nifty was at 8,606, up 42 points. The broader markets were in outperformance mode, with the midcap and smallcap indices gaining 0.7% each at 11,644 and 12,181 respectively. The market breadth is strong; out of 2,625 stocks traded on the BSE, there are 1,595 advancing stocks as against 934 declines.
SECTORS & STOCKS
All the BSE sectoral indices are in the green, with financial and IT stocks leading the way.
In the financial space, HDFC, HDFC Bank, ICICI Bank and Axis Bank have strengthened by nearly 1% this morning. SBI has edged higher by 0.5% ahead of its April-June earnings scheduled on Tuesday. In the midcap banking space, Syndicate Bank, PNB, Allahabad Bank, Bank of Baroda, Union Bank of India, Canara Bank and Bank of India have added 0.5-1% each.
IT majors are trading higher on the back of robust US jobs data, as most of their revenues come from exports to the US. TCS, Wipro, HCL Technologies and Infosys have gained 0.5-1% each.
Power generation and power distribution companies are also seeing some buying interest, with Torrent Power, Tata Power Company, Adani Power, Power Grid Corporation of India and Reliance Power strengthening by 0.5-1% each. The public issue of power infrastructure services company, Power Mech Projects is open for subscription till Tuesday, August 11.
On the other hand, Tata Motors is down 1% after reporting a 49% drop in net profit at Rs 2,769 crore for the June quarter on the back of lower Jaguar Land Rover sales in China. The other key losers are Coal India, Sun Pharma and ONGC, registering losses of 1% each.
