Market

Opening bell: Sensex opens lower, Nifty around 14,500; IT stocks drag

Updated : January 14, 2021 10:16 AM IST

Indian indices opened in the red on Thursday mainly dragged by IT stocks despite better than expected December quarter results.

Infosys, HCL Tech, TCS and Tech Mahindra contributed the most to the losses.

Indian indices opened in the red on Thursday mainly dragged by IT stocks despite better than expected December quarter results. Infosys, HCL Tech, TCS and Tech Mahindra contributed the most to the losses.

At 9:17 am, the Sensex was down 90 points at 49,402 while the Nifty fell 34 points to 14,530.

Broader markets, however, outperformed benchmarks with the midcap and smallcap index up 0.3 percent each. Among sectors, the Nifty IT fell 1.5 percent while, bank, auto, FMCG sectors remained in the green.

On the Nifty50 index, ONGC, IndusInd Bank, IOC, ITC and BPCL were the top gainers while Wipro, Infosys, HCL Tech, Tech Mahindra and Bajaj Finance led the losses.

In the previous session, Sensex ended 24.79 points or 0.05 per cent lower at 49,492.32, while Nifty inched up 1.40 points or 0.01 percent to its fresh closing record of 14,564.85. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,879.06 crore on Wednesday, as per exchange data.

On the earnings front, Infosys on Wednesday posted a 16.6 percent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter and increased its revenue growth guidance for FY21 to 4.5-5 percent on the back of large project wins and a strong deal pipeline.

”We believe the underlying strength of the market remains intact and any correction in the market will be bought out. A sustained recovery in key economic data for Dec’20, better-than-expected 3QFY21 corporate earnings so far and upbeat management commentaries continue to augur well for the market,” said Binod Modi Head-Strategy at Reliance Securities.

(With input from PTI)

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Opening bell: Sensex opens lower, Nifty around 14,500; IT stocks drag

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