Markets rise for 2nd day on gains in bank, IT stocks
The sentiment in the IT sector improved after Infosys announced a strategic partnership with Anthropic, easing concerns around AI-led disruption
Mumbai: Stock markets closed higher for the second straight session, driven by gains in bank, IT and capital goods shares.
The 30-share BSE Sensex climbed 173.81 points, or 0.21 per cent, to close at 83,450.96. The index moved between a high of 83,598 and a low of 82,987.43 during the day. The 50-share NSE Nifty advanced 42.65 points, or 0.17 per cent, to settle at 25,725.40.
Among the Sensex constituents, ITC, Bharat Electronics Ltd, Larsen & Toubro, Infosys, Asian Paints, Titan, Adani Ports, HCL Technologies, Sun Pharmaceuticals, Maruti Suzuki India, IndiGo, State Bank of India and Tech Mahindra were the major gainers.
On the other hand, Eternal, Tata Steel, Trent, Reliance Industries, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Bharti Airtel, Kotak Mahindra Bank and Hindustan Unilever ended with losses. Broader indices also traded firm, with the BSE Smallcap Select Index rising 0.49 per cent, and Midcap Select Index gained 0.26 per cent.
Vinod Nair, Head of Research, Geojit Investments, said, "Domestic markets traded in a range-bound manner. The IT sector, following a sharp correction, witnessed selective bottom-fishing, aided by announcements of strategic collaborations with global AI partners."
Among sectoral indices, PSU Bank rose by 2.36 per cent, followed by IT by 1.15 per cent, Industrials by 1.13 per cent, Services by 0.98 per cent, Focussed IT by 0.94 per cent, FMCG by 0.87 per cent, Consumer Durables by 0.85 per cent, and Capital Goods by 0.76 per cent. On the other hand, Metal, Commodities, Energy, and Realty were the only laggards. A total of 2,447 stocks advanced, while 1,756 declined and 149 remained unchanged.
The market capitalisation of BSE-listed firms increased by Rs 1,52,688.24 crore to Rs 4,70,11,313.57 crore ($5.18 trillion). "IT stocks extended gains for the second consecutive session after the recent sharp correction. The sentiment in the sector improved after Infosys announced a strategic partnership with Anthropic, easing concerns around AI-led disruption.
