Markets back to winning ways as IT stocks spurt
   Date :27-Jun-2020

IT stocks spurt_1 &n
 
EQUITY market benchmarks regained footing on Friday after two sessions of declines as IT, bank and energy stocks darted up amid firm global cues.
 
After a positive opening, the BSE Sensex overcame bouts of volatility to close 329.17 points, or 0.94 percent, higher at 35,171.27.
 
Similarly, the broader NSE Nifty surged 94.10 points, or 0.90 percent, to finish at 10,383.
 
During the week, the Sensex advanced 439.54 points or 1.26 percent, while Nifty gained 138.60 points or 1.35 percent.
IT and bank stocks emerged on top in Friday’s session. Infosys was the biggest gainer in the Sensex pack, rallying 6.94 percent, followed by TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech.
 
On the other hand, ITC, Bajaj Finance, Kotak Bank and Sun Pharma shed up to 3.54 percent.
 
According to traders, broad-based buying on the first day of the new monthly derivatives series and positive cues from global equity markets lifted the benchmarks. After an unbroken rise in the last two weeks, the markets turned a bit volatile this week, said Joseph Thomas, Head of Research - Emkay Wealth Management.“This was mainly influenced by factors like the phenomenal rise in the coronavirus cases in the US and India, the military stand-off between India and China at the border, and also with the ongoing spat between China and the US on many issues including trade and the source of the pandemic,” he said.
 
Sector-wise, BSE IT, tech, oil and gas, energy, utilities and capital goods indices rallied up to 5.06 percent on Friday.