Published: Thu, May 10, 2018
Tech | By Dwayne Harmon

Sensex ends higher; IT stocks recover

Sensex ends higher; IT stocks recover

On Tuesday, the Sensex closed at 35,216.32 points, up 8.18 points or 0.02 per cent, while broader Nifty50 ended at 10,717.80 points, up 2.30 points or 0.02 per cent.

In other Asian markets, Hong Kong's Hang Seng shed 0.04 percent while Japan's Nikkei too lost 0.43 percent.

(G.N.S) Dt. 07 Mumbai BSE Sensex closed 292 points higher led by market heavyweights Reliance Industries and ICIC Bank.

Benchmark equity indices gained in the afternoon trade and the Nifty was above the 10,750 mark.

The BSE market breadth was, however, bearish with 1,527 declines and 1,157 advances.

"We believe the stress recognition process for ICICI Bank is nearing completion. Continued outflow of foreign money will keep rupee on tenterhook while increasing GST collection and RBIs open market operation may soften the volatility".

Shares of ICICI Bank surged almost 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter. The Indian rupee on Monday weakened past 67-mark to hit a 15-month low against USA dollar.

Gainers included Tata Motors 2.89 per cent, Asian Paints 1.44 per cent and Tata Steel 1.24 per cent.

Besides, investors were concerned over a further rise in global crude oil prices as a result of United States moving away from the 2015 Iran Nuclear Deal.

The stock was the biggest gainer on both Sensex and Nifty during the morning trade.

Buying interest was witnessed in IT, teck, metal, consumer durables and capital goods sectors.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 635.24 crore yesterday, provisional data showed.

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