look news india
Mumbai: With monsoons being successful across the country, strong growth in the agriculture sector this year is expected to boost the rural economy and curb inflation, large cap stocks are seeing new historic gains ahead of the Union Budget on July 23. Next week. Peaks climbed. In intra-day gains saw the Sensex cross the 81000 level and the Nifty surpassed the 24800 level. Foreign portfolio investors (FPIs), FIIs were again big buyers in the Indian stock markets, especially large cap stocks today as IT-software services, technology stocks and private banking stocks surged after TCS in support of Infosys. Of course, there was profit booking in small, midcap stocks as against the rally in heavyweight-frontline stocks. After making a new intra-day high of 81522.55, the Sensex eventually closed at a new high of 81343.46, up 626.91 points. While the Nifty 50 spot index hit a new intra-day high of 24837.75 and finally closed at a new record high of 24800.85, jumping 187.85 points.
Nasdaq falls: IT stocks rise
The Nasdaq Composite Index fell 512.42 points in the US stock market Nasdaq yesterday on reports of severe restrictions on US trade and semiconductor technology, while funds remained aggressive in Indian stock markets today after TCS quarterly results. IT-software services, technology stocks rose. Infosys quarterly net profit rose 7 percent to Rs 6,368 crore and revenue rose 4 percent, pushing the stock up Rs 33.35 to Rs 1,759.15. TCS rose Rs 138.95 to Rs 4314.30, LTI Mindtree rose Rs 192.40 to Rs 5754.05, Wipro rose Rs 13.60 to Rs 573.20, Tech Mahindra rose Rs 24.30 to Rs 1540.10, HCL Technology rose Rs 24.10 to Rs 1593.90.
Bank stocks rose
Select funds were buying banking-finance stocks today. State Bank of India rose by Rs 12.55 to Rs 893.40. Kotak Mahindra Bank rose by Rs 17.90 to Rs 1823.10, ICICI Bank rose by Rs 9.55 to Rs 1249.75. As soon as the Reserve Bank of India approved the decision to pave the way for the privatization of IDBI Bank, the shares rose by Rs 4.32 to Rs 92.20. SBI Life rose by Rs 37.80 to Rs 1659.
Capital goods stocks declined
BSE Capital Goods index closed 1514.40 points lower at 72945.66 as funds continued to book large profits in capital goods stocks. Siemens fell Rs 345.80 to Rs 7126.10, Finolex Cables fell Rs 82.70 to Rs 1573.15, ABB India fell Rs 338.45 to Rs 7895.65, Thermax fell Rs 147.60 to Rs 4955.45, BHEL fell Rs 100 to Rs 11.40 to Rs 308.55 while Larsen & Toubro rose Rs 17.20 to Rs 3653.75.
metal index fell
Funds in metal-mining stocks were also selling at profit today. Jindal Steel fell Rs 20.20 to Rs 989.95, SAIL fell Rs 3 to Rs 148.05, NMDC fell Rs 4.60 to Rs 241.90, APL Apollo fell Rs 23.10 to Rs 1529, Vedanta closed Rs 4.25 down at Rs 451.45, JSW Steel fell Rs 8.35 to Rs 926.20. BSE Metal index closed 320.52 points down at 32867.72.
Gaps in small, mid-cap stocks
Today, capital goods, metals and other stocks witnessed sell-off as against gains in large cap IT, FMCG, bank stocks, with small, mid cap stocks and many stocks witnessing a huge gap down due to selling by cash, operators, funds etc. Out of total 4016 stocks traded on BSE, number of losers were 2500 and number of gainers were 1424.
Investors' wealth decreased by Rs 92 thousand crores
In stocks, there was a huge sell-off in IT, banking, FMCG stocks, capital goods, metal-mining, small, midcap stocks today, due to which the wealth of investors i.e. the total market capitalization of companies listed on BSE decreased by Rs. .92 thousand crores from Rs 454.32 lakh crore today
DII sales Rs 2,904 crore
FIIs made massive net purchases of shares worth Rs 5483.63 crore in cash today on Thursday. While DIIs-domestic institutional investors made net sales of Rs 2904.25 crore in cash today.
