Indian stocks rallied sharply Tuesday morning, and the benchmark indices Sensex and the Nifty moved on to fresh record highs, as the mood remained quite bullish thanks to sustained inflow of foreign funds into the market.
However, following a sudden bout of selling at some key counters, the market fell into the red a little while ago.
The Sensex, which soared to 67,007.02, gaining more than 400 points in the process, dropped to 66,581.08, before recovering a bit to 66,703.47, netting a gain of 113.54 points or 0.17%.
The Nifty50, which tumbled to 19,738.85 from a high of 19,819.45, is up 8.85 points or 0.04% at 19,720.30.
IT bellwether Infosys is gaining nearly 2%. The company said it has won a contract from a “strategic” client to provide AI and automation services over five years, entailing a targeted spending of $2 billion.
ICICI Bank is up 1.5% and HCL Technologies is advancing 1%. NTPC, Axis Bank, Tata Consultancy Services, Reliance Industries, Larsen & Toubro and Asian Paints are up 0.4 to 0.8%.
Titan Industries, Tata Motors, Bajaj Finance and Sun Pharmaceutical Industries are down 0.8 to 1.4%. Tata Steel, UltraTech Cement, Bharti Airtel and State Bank of India are modestly lower.
Bajaj Auto, ONGC, Hero Motocorp, Adani Enterprises, Tech Mahindra and Power Grid Corporation are also trading higher.
MindTree is down 2.2% despite the company reporting a modest 4% year-on-year increase in consolidated net profit for the April-June quarter.
Divi’s Laboratories, Apollo Hospitals, HDFC Life, Dr Reddy’s Laboratories, Cipla and Britannia Industries are weak.
Market Analysis
Sensex, Nifty Pare Gains After Hitting New Record Highs
2023-07-18 06:26:40
