Advertisement

Business

Updated on: Monday, October 11, 2021, 05:32 PM IST

Markets shed early gains to end marginally higher; IT stocks crumble on dismal Q2 earnings from TCS

At close, the Sensex was up 76.72 points or 0.13% percent at 60,135.78. Representative image |

At close, the Sensex was up 76.72 points or 0.13% percent at 60,135.78. Representative image |

Advertisement

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty made a new lifetime high of 18,041 today, where it saw some profit booking. It closed at 17,956, up by 60 points since Friday's (October 8) close. Volumes in Nifty were lesser than its average volumes. It is important for Nifty to close above 17,950 levels with higher than average volumes to continue its upward move. Nifty has a strong support in 17,580-17,620 range."

At close, the Sensex was up 76.72 points or 0.13% percent at 60,135.78. The broader Nifty was up 50.80 points or 0.28 percent at 17,946.00. About 1,814 shares have advanced, 1,375 shares declined, and 141 shares are unchanged.

Tata Motors, Coal India, Maruti Suzuki, Grasim Industries and Power Grid Corp were among the major gainers on the Nifty. TCS, Tech Mahindra, Infosys, HCL Technologies and Wipro were among the big gainers. IT index fell 3 percent, while auto, bank, metal, power and realty indices added 1-2.5 percent. BSE midcap and smallcap indices rose 0.5 percent each.

Nilesh Shah, Group President & MD, Kotak Mahindra Asset Management Company, said, "Nifty touching all-time high level of 18000 is a journey. It is not a destination. Market is driven by triveni sangam of positive sentiment, Fund flow from domestic and global investors and improving corporate profitability. Festival season has begun with a bang and supported positive momentum.”

Mohit Nigam, Head - Hem Securities, said, "On the technical front, indicators such as RSI and MACD are indicating that strong positive momentum in Nifty 50 is likely to continue and we may see 18,200-18,300 levels in the short-term. Strong support can be seen at 17,700 level while 18,200 level may act as an immediate resistance in Nifty50."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said the "Indian markets advanced sharply in the first half but erased most of its early gains after dismal TCS results resulted in heavy selling in the IT pack. Technically, the market has formed a shooting star pattern at the top of the rally, which is an indication of an uncertainty in the market. There should be a strategy to reduce the weak long positions in the market to the resistance levels that exist at 17,980, 18,040 and 18,080. If the Nifty forms a positive reversal after hitting the major supports that exist at 17,850 or 17,810, a buy call is advised. In case, the Nifty closes below the 17,800 level, it could weaken further to the 17,600-level."

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Monday, October 11, 2021, 03:55 PM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement