Markets log gains as IT stocks sparkle

Mumbai: Equity benchmarks Sensex and Nifty notched up gains for the third straight session on Tuesday, led by IT stocks and HDFC Bank amid a rebound in the global markets.

The 30-share BSE Sensex settled 112.77 points or 0.28 per cent higher at 40,544.37. The broader NSE Nifty rose 23.75 points or 0.20 per cent to 11,896.80.

HCL Tech was the top gainer in the Sensex pack, rallying 4.19 per cent, followed by Tech Mahindra, Asian Paints, Bharti Airtel, HDFC Bank, L&T, Infosys, TCS, M&M and Nestle India. On the other hand, ONGC, PowerGrid, NTPC, Reliance Industries, HDFC, Tata Steel, ICICI Bank and Kotak Bank were among the major laggards, tumbling up to 2.67 per cent.

HUL ended 0.31 per cent lower after the FMCG major reported an 8.58 per cent increase in consolidated net profit to Rs 1,974 crore for the September quarter. Global markets staged a modest recovery after overnight fall on Wall Street, even as sentiment remained risk-averse ahead of the US elections.

"Indian markers broadly traded rangebound and ended with marginal gains amid mixed global cues. Baring FMCG and metals, all sectoral indices broadly ended in green albeit marginally. As expected, cement stocks remained in focus today after solid performance reported by ACC.

IT stocks witnessed sharp recovery today after witnessing profit booking for last couple of days," said Arjun Mahajan, Head - Institutional Business, Reliance Securities

We believe investors would be keenly watching out PM's address to nation today. Additionally, progress on fiscal stimulus renegotiation in the US would be crucial for global as well as domestic markets, he added.

BSE realty, telecom, teck, IT, consumer durables, capital goods, industrials and auto indices climbed as much as 3.77 per cent, while oil and gas, energy, power, utilities and FMCG indices fell up to 1.30 per cent.

In the broader markets, BSE midcap and smallcap indices gained up to 0.47 per cent. In rest of Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo settled in the red. Stock exchanges in Europe were largely trading with gains in early deals.