Sensex, Nifty rise after 3 days of falls; financial, IT stocks boost

Sensex, Nifty rise after 3 days of falls; financial, IT stocks boost

Troy Powers
April 12, 2017

Indian shares rose sharply on Tuesday to snap a three-session losing streak as investors awaited the start of the earnings season.

At 9.43 am, Sensex was trading at 29,646.51 up by 70.77 points or 0.24%, while Nifty 50 was trading at 9,192.75 higher by 11.30 points or 0.12%.

The broader NSE index ended 0.61 percent higher at 9,237. The gauge had lost 398.50 points in the previous three sessions. "The rupee reversing some of its losses and approaching Infosys Q4 results propped up IT stocks".

Infosys climbed almost 2 percent ahead of its quarterly earnings due on Thursday. Banks continue to look forward to NPA resolution measures shortly, and the strength was visible today.

According to market reports, support from banking & financials, technology and FMCG stocks, helped the indices to overcome the mixed global cues. BSE Midcap and Smallcap indices jumped 0.4 per cent and 1 per cent respectively.

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As per the latest shareholding disclosure on BSE, ICICI Bank has picked up 1.09 per cent stake in the company.

Meanwhile, the foreign funds sold net Rs. 716.19 crore yesterday, as per provisional figures.

Market breadth was positive with 1,622 advances against 1,102 declines.

ITC, ICICI Bank and Ambuja Cements were the top gainers while Adani Ports, ZEEL and Tata Power were the top losers for the Nifty.

The total turnover fell to Rs. 3,613.98 crore, from Rs. 4,013.18 crore yesterday.