Nifty crosses 9,900 level; IT, Teck stocks up 1% 17/07/2017 10:34

The key benchmark extended gain in late morning deal on Monday, helped by strong buying across IT and Teck stocks, tracking firm cues from Asian peers, amid rate cut hopes after fall in WPI and retail inflation in June within the target range of the Reserve Bank, which would put pressure on the central bank to cut the policy interest rate in August. Infosys shares were up 1 per cent after IT major reported a 3.3 per cent year-on-year drop in net profit at Rs 3,483 crore for the first quarter ended June 30, 2017. Revenue for the quarter dropped 0.2 per cent to Rs 17,078 crore compared with Rs 17,120 crore in the corresponding quarter of last year. The company, however, continued to maintain its constant currency revenue growth guidance of 6.5 to 8.5 per cent.

At 10:20 hours, the 30-share benchmark index was trading at 32119.58, up by 98.83 points or by 0.31 per cent, and the NSE Nifty was at 9915.35, up by 29 points or by 0.29 per cent.

In the day’s trade so-far, Sensex touched intraday high of 32128.36 and intraday low of 32053.98, while the NSE Nifty touched intraday high of 9916.25 and intraday low of 9894.7.

The top gainers of the BSE Sensex pack were Wipro Ltd. (Rs. 269.70,+3.93%), Adani Ports & Special Economic Zone Ltd. (Rs. 380.70,+1.57%), Infosys Ltd. (Rs. 987.00,+1.54%), Reliance Industries Ltd. (Rs. 1549.25,+1.19%), ICICI Bank Ltd. (Rs. 301.50,+1.17%), among others.

On the flip side, ITC Ltd. (Rs. 330.15,-2.09%), Coal India Ltd. (Rs. 249.10,-0.58%), Axis Bank Ltd. (Rs. 511.20,-0.37%), Larsen & Toubro Ltd. (Rs. 1169.00,-0.26%), Hindustan Unilever Ltd. (Rs. 1137.80,-0.17%), were among top losers on the BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2223, shares advanced were 1176 while 929 shares declined and 118 were unchanged.

On the sectoral front, IT and Teck stocks emerged as top gainers adding as much as 1.34 per cent and 1.1 per cent respectively.