Is it time to begin buying IT stocks?
Amid loss of positive cues, the benchmark equity indices ended flat on tuesday. The gains from index heavyweights inclusive of reliance, infosys and tcs were offset by using banking and financial shares.
The 30-share sensex fell 37.70 points to end at 57,107.52. Its broader peer, nifty50, ended at 17,007.40, down 8.90 points. This turned into the 5th straight day of losses caused after the fed meet final results on september 21.
Tata Steel was the top loser from the 30-share pack, falling 2.25 per cent to Rs 97.60. Titan was down 1.79 per cent, SBI declined 1.39 per cent and Kotak Mahindra Bank plunged 1.10 per cent. Tech Mahindra, ICICI Bank, HDFC and Maruti Suzuki also ended with losses.
Sectorally, nifty metal fell 0.86 percent and nifty financial services declined 0.80 per cent. Even as nifty oil & gas and nifty it closed higher. Nifty midcap50 rose 0.09 percent, while smallcap50 fell 0.15 percent.
It stocks are displaying strength from past few periods with strengthening of rupee towards the us dollar. Mr mohit nigam of hem securities stated it groups’ effects will begin coming from mid-october and it can cause the next move on this quarter. Investors should start accumulating accurate satisfactory it shares in a staggered manner, he stated.
