Sensex rises for 9th straight day, ends 32 points higher; HCL Tech jumps 4%

Sensex rises for 9th straight day, ends 32 points higher; HCL Tech jumps 4%

New Delhi: The BSE Sensex and thus the Nifty ended higher for the ninth straight day on Tuesday. However, gains were limited as gains within the IT, metal and energy stocks were offset by losses within the banking, auto and pharma shares. The Sensex closed 31.71 points higher at 40,625.51 while the Nifty settled 3.55 points higher at 11,934.50. Nifty IT, the IT sub-index of NSE, closed 1.31% higher today.

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Among Nifty stocks, HCL Tech was the very best gainer, up 4%. The Noida-based IT company will report its earnings on Friday (October 16). Kotak Mahindra Bank, Infosys, Reliance Industries, Ultratech cement, Eicher Motors, JSW Steel, Tech Mahindra, Grasim, Hindalco, Shree Cements were the other prominent gainers within the Nifty, rising between 0.63% to 2.39%.

Cements stocks witnessed buying today after Jefferies turns constructive on the planet. The brokerage says that improvement in demand should leave an increase in cement prices, which corrected 2%-5% QoQ in Q2 with some hikes underway. The House has upgraded UltraTech & Ramco Cements to buy for from Hold, and Shree Cement to hold from Underperform while maintaining Buy calls on both ACC & Ambuja Cements.

Cipla was the very best loser within the Nifty, down 3.26%, followed by Titan Company and Adani Ports, which fell 2.17% and 2.26% respectively. Divis Labs, Sun Pharma, ICICI Bank, Bajaj Finance, SBI, Maruti Suzuki, Nestle, Axis Bank, Tata Motors, HDFC Bank, ITC, HDFC, L&T, IndusInd Bank were the other prominent losers within the Nifty, falling between 0.90%-1.46%.

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Market breadth was negative today. Out of the 1,619 shares traded on the NSE, 665 shares ended higher while 954 shares closed with losses.

The rupee closed 7 paise lower at 73.35 against the US dollar amid strengthening American currency. At the interbank forex market, the rupee opened on a weak note at 73.41, pared some losses and eventually closed at 73.35 against the greenback. During the session, the domestic unit touched an intra-day high of 73.32 and a coffee of 73.41 against the American currency.

European shares were mostly down today. Germany’s Dax was down 0.40%, London’s FTSE 100 fell 0.33% while CAC 40 shed 0.34%. US index futures were also down today aside from Nasdaq. Dow futures was down 039%, S&P 500 fell 0.14% while Nasdaq future was up 0.73%. Other Asian shares mostly closed higher.

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