Sensex posts best run in three months, Bajaj Finance leads gains1 min read . Updated: 16 Oct 2019, 04:18 PM IST
- IT, pharma and energy stocks led markets higher
- TCS, Wipro, HCL Tech and Tech Mahindra led gains in IT pack
Indian markets ended higher today amid volatile trade, extending gains to the fourth day after Wipro boosted investor optimism with earnings that beat all estimates. The Sensex ended 93 points higher to 38,598 as the benchmark index posted its longest winning streak in more than three months. The broader Nifty settled at 11,471, up 0.38%. Shares of Wipro rose 2% after the IT major reported a better-than-expected September-quarter earnings, driven by higher margins.
Shares of Bajaj Consumer Care surged 20% to ₹234 after the personal care firm's promoter group, on Tuesday, sold about 22% stake for around ₹630 crore in a single block deal.
IT, pharma and energy stocks led gains today. Bajaj Finance advanced 4% while ONGC and Yes Bank rose around 3% each. HDFC Bank, HCL Tech, Tech Mahindra and TCS advanced between 1% and 2%
Sahaj Agarwal, head of derivatives at Kotak Securities, said that Nifty has support at 11050. "On the higher side we expect the index to conquer 11700 in the near term. Private banking and IT are expected to outperform while selective buying is suggested in midcap stocks," he said.
Ajit Mishra, vice president for research at Religare Broking, said: "In a volatile trading session, the Indian markets swung both ways before ending the session with decent gains. The earnings season is likely to gain momentum as some of the front liners would be declaring their results in the next few days. We expect that investors and traders would focus more on the management outlook especially for consumption driven companies. Further, market participants would keep a close watch on trade talk developments between US and China, currency and crude oil price movement."
The global backdrop for Indian markets remained positive. Asian shares mostly ended higher today as investors looked to whether Britain can secure a deal to avoid a disorderly exit from the European Union.
(With Agency Inputs)