Equity benchmarks inched higher in the afternoon trade on Thursday, recovering from a muted start, as a sharply weaker rupee and rising expectations of a US Federal Reserve rate cut next week lifted information technology stocks.
On the domestic front, market watchers also keep an eye RBI MPC policy outcome this week.
Sensex rose by 106.86 points or 0.13 per cent to 85,213.67 after skidding to 84,949.98. Nifty 50 was up by 37.10 points or 0.14 per cent to 26,023.10 at 12.41 pm after hitting an intraday low of 25,938.95.
Midcap index managed to trade with modest gains, while the smallcap index dipped. Sectoral performance was mixed, with media, pharma and healthcare stocks underperforming. IT index topped the chart with over 1.6 per cent gains at the time of writing. All other sectoral indices traded with marginal gains.
IT stocks outperform
Shares of Tech Mahindra, TCS, HCL Tech, Adani Enterprises, Wipro and Infosys led the gainers of Nifty 50, while InterGlobe Aviation, Maruti, Eternal, Kotak Mahindra Bank and Dr Reddy’s Laboratories traded as major laggards.
InterGlobe Aviation (IndiGo) shares remained in focus today as a wave of flight cancellations and widespread service disruptions, driven by crew shortages, new pilot-duty rest norms.
Another heavyweight stock JSW Steel remained in focus following
Vedanta, Hero Motocorp scale to hit 52-week high
Market breadth was fairly balanced, with 3,057 stocks traded on the National Stock Exchange as 1,499 advanced and 1,456 declined, while 102 remained unchanged. A total of 22 stocks (including Vedanta, Hero Motocorp and Asian Paints) touched 52-week highs, whereas 165 (featuring Colgate and Teamlease) slipped to 52-week lows, reflecting pockets of pressure despite the broader recovery.
Circuit activity was moderate, with 52 stocks locked in upper circuit and 51 in lower circuit.
Coforge, Persistent Systems Mpahsis lead gainers of midcap index
Under the midcap index, Coforge, Persistent Systems, Policy Bazaar, IndusInd Bank and Mphasis gained 2-3 per cent, while Hitachi Energy and Biocon dragged over 5 per cent. M&M Financial, Suzlon and HUDCO were among the other losers.
Smallcap stocks Hindustan Copper, BLS International, JB Chemicals, Five-Star Business and CAMS zoomed over 2-6 per cent, while Wockhardt, Ola Electric, Kaynes and HBL Engineering fell 2-5 per cent.
On the BSE, PC Jeweller, Banco Products, Hindustan Copper and India Cements zoomed 6-8 per cent.