Top gainers, losers today: Ultratech Cement, Infosys, Tech Mahindra, Wipro, TCS; check full list here
2 min read 06 Jun 2023, 04:24 PM ISTSensex and Nifty 50 closed flat due to selling pressure in the IT sector, offsetting gains in healthcare, capital goods, auto, and banking stocks. Midcap and smallcap stocks hit new lifetime highs.
PremiumSensex and Nifty 50 ended on a flat note during Tuesday's session as sharp selling in IT stocks offset gains arising from healthcare, capital goods, auto, and banking stocks. Nevertheless, midcap and smallcap stocks extending their upside to touch yet another new lifetime high. Traders will keep a close watch on monetary policy decisions by RBI scheduled later in the current week.
Sensex ended at 62,792.88, up by 5.41 points or 0.01%. Nifty 50, meanwhile, closed at 18,599 up by 5.15 points or 0.03%.
After touching a new all-time high of 27,475.78 and 31,193.01, BSE Midcap and Smallcap ended with an upside of 80 points and 131.5 points respectively.
In terms of sectoral indices, BSE IT index slipped nearly 486 points. While auto stocks outperformed on BSE with the index gaining by 371 points followed by Capital Goods with 233 points upside, BANKEX surging nearly 203 points and Healthcare index up nearly 141 points. Bank Nifty gained nearly 63 points to end at 44,164.55.
Talking about the latest performance, Vinod Nair, Head of Research at Geojit Financial Services said, “The domestic market experienced profit booking due to selling pressure in the IT sector. IT stocks witnessed a decline in anticipation of further downward revision in spending. However, a rally in auto and banks helped to recover the losses."
Read here: Stock Market Today: Sensex, Nifty end flat amid weak global cues; mid, smallcaps outperform
About 1,924 stocks advanced today, while 1,611 stocks declined and 124 stocks remained unchanged. A total of 207 stocks touched a new 52-week high, on the other hand, 31 stocks clocked new 1-year low.
Here is the list of top gainers and losers during Tuesday's trading session.
Sensex:
Top gainers: Ultratech Cement (+2.93%), Axis Bank (+1.90%), Kotak Bank (+1.88%), Tata Motors (+1.68%), and Maruti Suzuki (+1.57%).
Top losers: Infosys (-1.98%), Tech Mahindra (-1.88%), TCS (-1.69%), Wipro (-1.09%), and Bharti Airtel (-0.62%).
Nifty 50:
Top gainers: Ultratech Cement (+2.91%), Divi's Lab (+2.23%), Kotak Bank (+1.94%), Grasim (+1.74%), and Tata Motors (+1.60%).
Top losers: Tech Mahindra (-1.92%), Infosys (-1.82%), TCS (-1.60%), Wipro (-1.04%), and ONGC (-1%).
In regards to decline in IT stocks, Manish Chowdhury Head of Research Stoxbox said, "The sector came under pressure after the US software solutions company, EPAM Systems, yesterday announced that it is reducing its second quarter and full year outlook due to further deterioration in the near-term demand environment. Moreover, we believe that the recent bounce in the IT sector stocks was mainly driven by gains in US technology stocks, specifically Nasdaq Composite. With the Nasdaq looking a little tired at all time high levels, we believe that investors are resorting to some profit booking."
Read here: Can the market see a deep correction from peak levels? What should be your strategy?
BSE:
Top gainers: Meghmani Finechem (+14.49%), HBL Power Systems (+12.11%), Sharda Cropchem (+10.92%), Aegis Logistics (+9.08%), and Sportking India (+8.26%).
Top losers: Indo Count Industries (-4.72%), Coforge (-3.81%), Cyient (-3.75%), Mphasis (-3.56%), and Filatex India (-3.35%).
NSE:
Top gainers: Asahi Songwon and Maan Aluminium touched 20% upper circuit each. HBL Power (+14.06%), Nelco (+13.47%), Vardhman Acrylics (+13.45%).
Top losers: Praxis Home Retail-RE (-38.46%), Sky Gold touched 20% lower circuit, Gyscoal Alloys (-9.52%), Tirupati Forge (-9.29%), and Suratwala Business Group (-6.39%).
Going ahead, Nair added, “ahead an important influencer will be the commentary on growth and inflation forecasts by the RBI following its MPC meeting given the general consensus that rate pause will continue."
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