Banks And IT Stocks Lead The Market Rally

The key benchmark indices that witnessed gains in the early morning trade, trimmed the gains after reaching new high. The barometer index Sensex was up by 96.53 points (0.37%). While Nifty hit a high of 14.45 points (0.19%) in intraday trade, the index hit a low of 7,778.70 in intraday trade. A volatile session was witnessed in the trade today.

BSE mid-cap and small-cap indices dropped sharply by 15.6 points (0.17%) and 83.47 points (0.81%) respectively. Mid-cap and small-caps are under profit booking. The sectoral rally was led by IT, Tech and Pharma stocks on sustained capital inflows amid corporate earnings.

Major gainers which supported Nifty and Sensex include Infosys, TCS, Hindalco and ICICI Bank. While the major losers were Tata steel, Tata power, Maruti and GAIL. The results season are crucial factor now for the markets.

Asian markets appear to be consolidating today. There is an upbeat in the market sentiment due to progress of monsoon, positive economic data and easing down of the global issues. Benchmark indices like Hang Sang was up by 0.8%, Shangai by 0.23%. On the contrary, Nikkei is trading relatively flat on the negative bias.