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IT Giants Light Up Even As Nifty 50 Ends In Red

Published 21-06-2024, 05:18 pm
IT Giants Light Up Even As Nifty 50 Ends In Red
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Benzinga - On Friday, Nifty 50 fell 0.28% to 23,501.10 as markets saw a small correction.

Vinod Nair, head of research, at Geojit Financial Services, said “The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector. The heatwave in Northern India is driving consumer durables stocks up. The global markets were subdued as weak guidance from Accenture (NYSE:ACN) led to profit booking in US tech stocks.

Conversely, domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings. Attention is now focused on the upcoming GST meeting, where the potential rationalisation of GST rates in certain sectors is under discussion.”

Ajit Mishra – senior vice president, research, at Religare Broking said, “The markets experienced volatility today, resulting in a slight decrease of nearly half a percent despite mixed signals. Initially showing an upward trend, the Nifty gradually declined in the first half and then fluctuated significantly in the latter half before settling at 23,501.10, marking a decrease of 0.28%. Sector-wise, traders were engaged in a mixed trend. IT and metal sectors saw gains, while FMCG, realty, and auto sectors witnessed declines. The broader indices also saw some profit-taking and closed marginally lower.”

Bharti Airtel (NS:BRTI) stood out as the top performer, with its stock price climbing by 2.53% to close at ₹1416.05, up from ₹1381.15.

Top Gainers

Stock Current Price Last Close % Change
Bharti Airtel ₹1416.05 ₹1381.15 2.53%
LTIMindtree (NS:LTIM) ₹5125.45 ₹5052.45 1.44%
Hindalco (NS:HALC) ₹684.5 ₹676.5 1.18%
Infosys (NS:INFY) ₹1532.7 ₹1515.4 1.14%
Adani Ports ₹1485.5 ₹1469.4 1.10%

Following closely, LTIMindtree also saw a notable increase of 1.44%, finishing at ₹5125.45. Hindalco, Infosys, and Adani Ports rounded out the top five gainers, showcasing resilience amidst fluctuating market conditions. IT stocks gained on Friday after Accenture’s results spurred hopes of recovery.

Conversely, UltraTech Cement (NS:ULTC) recorded the most substantial decrease, with its stock price falling by 2.21% to close at ₹10,662.40, reflecting investor concerns or market adjustments specific to the cement sector.

Top Losers

Stock Current Price Last Close % Change
UltraTech Cement ₹10662.40 ₹10903.20 -2.21%
Adani Enterprises (NS:ADEL) ₹3189.30 ₹3259.45 -2.15%
BPCL ₹307.60 ₹313.12 -1.76%
Tata Motors (NS:TAMO) ₹961.80 ₹978.25 -1.68%
Tata Consumer Products (NS:TACN) ₹1084.90 ₹1103.25 -1.66%

Adani Enterprises also faced a downturn, dropping by 2.15%, while BPCL, Tata Motors, and Tata Consumer Products experienced declines ranging from 1.66% to 1.76%.

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