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After Market: Infy rebounds after big fall, select banks record solid gains

Financials and IT stocks were the major positive contributors in the Sensex pack.

, ETMarkets.com|
Oct 23, 2019, 05.42 PM IST
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IT stocks shrugged off Tuesday’s gloom and most of them closed in the green. Infosys, which had plunged 16 per cent on Tuesday, edged 2.3 per cent higher.
Shares of Indian Bank jumped 11 per cent on Wednesday after the lender more-than-doubled its net profit for September quarter. Some other bank and financials stocks like HDFC, ICICI Bank, Bank of Baroda and SBI also ended with gains.

IT stocks shrugged off Tuesday’s gloom and most of them closed in the green. Infosys, which had plunged 16 per cent on Tuesday, edged 2.3 per cent higher. HCL Tech was the biggest gainer from the sector, ending with 3.5 per cent gains ahead of Q2 results.

BSE flagship Sensex gained 95 points to 39,058 while its NSE counterpart Nifty nudged 16 points higher to 11,604.

"The market largely remained positive throughout the day, led by selective buying in largecaps, namely in banking and IT stocks. Auto and consumer stocks witnessed a resurgence on expectation that the worst-case scenario is factored in stock prices. Due to corporate tax cut, Q2 earnings growth has been better. However, the market will review the outlook for revenue growth to assess any potential for re-rating,” said Vinod Nair, Head of Research, Geojit Financial Services.

Here is a lowdown on key movers & shakers of Wednesday’s session:

Indian Bank jumps 11%
Shares of Indian Bank jumped 11 per cent to Rs 139.95 after having posted more than 100 per cent rise in net profit at Rs 358.56 crore for the quarter ended September 2019. Net interest income of the bank increased 7.63 per cent YoY to Rs 1,863 crore in Q2FY20.

L&T ends lower ahead of Q2 nos
Shares of Larsen & Toubro fell 0.8 per cent to Rs 1,430.30 ahead of Q2 earnings. India’s largest engineering and construction company is expected to post strong profit growth along with a jump in revenue, with strong order inflow for the quarter ended September 2019.

JSW Steel, HCL Tech gain
HCL Technology and JSW Steel gained 3.5 per cent and 2.1 per cent, respectively, ahead of Q2 earnings. HCL Tech ended the day at Rs 1,102 on NSE while JSW Steel closed at Rs 224.

Adani Ports shares plunge
Shares of Adani Ports ended 6.1 per cent lower at Rs 395.10. The stock has seen profit booking in last four out of five sessions.

Auto stocks leap
In the auto pack, Motherson Sumi emerged the biggest gainer, rising 4 per cent to Rs 107.75. Eicher Motors jumped 2.5 per cent to Rs 20,480. India’s biggest carmaker Maruti Suzuki shares expanded 2.2 per cent to Rs 7,415. Nifty Auto index gained 1.26 per cent to 8,036 points.

IT stocks climb
Shrugging off Tuesday’s fall, most IT stocks ended in the green on Wednesday, led by HCL Tech, Infosys and Just Dial. Infosys, which had plunged over 16 per cent on Tuesday, rose 2.3 per cent to Rs 650.35. Just Dial rose 3.4 per cent to Rs 645.50. Overall, Nifty IT index ended with an 1 per cent gain.

Top Sensex movers
Financials and IT stocks were the major positive contributors in the Sensex pack. HDFC Bank added 48 points while ICICI Bank chipped in 28 points. Infosys and TCS together contributed 50 points. Losses in RIL, Bharti Airtel and Kotak Mahindra Bank capped the gains. They together shed 115 points.

Most active stocks
Infosys was again the most active stock in terms of value with transactions worth Rs 3,896 crore on NSE. YES Bank, RBL Bank, Indiabulls Housing Finance and Reliance Industries were the next four most active stocks in terms of value. In terms of volume, YES Bank topped the charts, followed by Vodafone Idea, Reliance Power, Infosys and Indiabulls Housing Finance.

26 stocks ‘overbought’
As many as 26 stocks crossed above 70 mark on Relative Strength Index (RSI), generating ‘overbought’ signals. They include Jubilant Foodworks, Titan, Berger Paints, Maruti Suzuki, Affle India and ICICI Securities, among others. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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