The S&P BSE Sensex ended 38.23 points higher at 60,431, while the NSE Nifty 50 settled 15.60 points higher at 17,828. Broader market indices also ended in the green.
By Koustav DasBenchmark stock market indices ended flat on Thursday as IT stocks fell after a weak start to the Q4 earnings season. Rising concerns of a recession in the US also capped market gains.
The S&P BSE Sensex ended 38.23 points higher at 60,431, while the NSE Nifty 50 settled 15.60 points higher at 17,828. Broader market indices also ended in the green.
Most of the major sectoral indices advanced, with Nifty Bank rising 1.38 per cent. Nifty Realty, Nifty Financial Services and Nifty Auto also ended the day with gains. On the other hand, Nifty IT was the biggest loser, falling 2.20 per cent.
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Some of the major losers on the Nifty 50 index were Infosys, Tech Mahindra, HCL Tech, NTPC and TCS, while IndusInd Bank, HDFC Life, Eicher Motors, Apollo Hospitals and Power Grid Corp emerged as the top gainers.
Infosys, which is due to report its Q4 results later in the day, fell over 3 per cent as the overall IT outlook was hampered by weaker-than-expected results of leading firm Tata Consultancy Services.
While TCS reported a nearly 15 per cent year-on-year rise in net profit, it flagged concerns about demand and near-term uncertainty in its BFSI segment. The recent banking turmoil in the US also muddled its Q4 performance.
IT stocks were also hurt by the US Federal Reserve’s recent projection of a “mild recession” later this year.
Meanwhile, banking stocks came to the reccue as AU Small Finance Bank surged 17 per cent after the Reserve Bank of India approved the reappointment of its managing director and CEO. Other stocks like IndusInd Bank , Axis Bank, Kotak Mahindra Bank and PNB also gained.
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