Sensex, Nifty Climb Higher As Stocks Rise On Bargain Hunting; HCL Tech Tanks

RTTNews | 16h 17min ago

(RTTNews) - Indian benchmark stock indices Sensed and the Nifty50 are up in positive territory Tuesday morning with several counters attracting bargain hunting after four successive days of losses. Data showing a drop in the nation's consumer price inflation in the month of December is contributing as well to the positive mood in the market.

In addition to digesting the consumer price inflation data, investors are also reacting to some quarterly earnings updates. Worries about global economic growth and uncertainty about U.S. interest rate weigh a bit, limiting market's gains.

The BSE benchmark Sensex , which climbed to 76,779.49 earlier in the session, was up 327.56 points or 0.43% at 76,657.57 a little while ago.

The broader Nifty50 index of the National Stock Exchange is up 93.45 points or 0.4% at 23,179.40, coming off an early high of 23,227.20.

Data released by the National Statistical Office after trading hours on Monday showed India's consumer price inflation softened slightly to 5.22% in December from 5.48% in November. Inflation was expected to come in at 5.3%.

Investors are awaiting India's wholesale price inflation data, due later in the day.

IndusInd Bank and NTPC are gaining nearly 3.5% each. Zomato, which ended sharply lower on Monday, is up 3%. Tata Motors, Adani Ports, Bajaj Finance, State Bank of India, Tata Steel and Maruti Suzki are gaining 1.5 to 2.7%.

HDFC Bank, Bharti Airtel, Bajaj Finserv, Mahindra & Mahindra, Axis Bank, Asian Paints and Sun Pharmaceutical Industries are up with moderate gains.

Despite reporting a surge in consolidated net profit the third quarter, HCL Technologies is down 9% after the company's revenue guidance for the current financial year fell short of expectations. The IT major reported consolidted net profit of Rs 4,590 crore for the third quarter, compared to Rs 4,235 crore a quarter earlier.

Tech Mahindra, Nestle Industries, Hind Unilever and Titan Industries are down 0.5 to 1.4%.

Adani Enterprises, up 5.2%, is the biggest gainer in the Nifty50 index. NTPC is gaining 3.7%. Hindalco, JSW Steel, Shriram Finance, ONGC, Bharti Airtel and Eicher Motors are advancing 1 to 2.7%.

Angel One is down nearly 4%. The company reported a Rs 20 crore increase in third-quarter profit at Rs 280 crore, compared to a year ago.

Anand Rathi Wealth is down 2% despite reporting a jump in third quarter earnings at Rs 77 crore, compared to the year-ago quarter.

The market breadth is positive. On BSE, 2,511 stocks up with gains, while 1,112 stocks down in negative territory, and 141 stocks are flat.

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