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Markets maintain momentum for fifth day as investors digest Q3 results, macro data

Mumbai, January 13

Equity indices ticked higher for the fifth session on the trot on Thursday as largely positive Q3 results from IT majors enthused investors, though lacklustre macroeconomic data capped the gains.

After a choppy session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80.

Tata Steel was the top gainer in the Sensex pack, jumping 6.40 per cent, followed by Sun Pharma, Lamp;T, Mamp;M, PowerGrid and Bajaj Finserv.

TCS rose 1.05 per cent, a day after the country’s largest software exporter reported a 12.2 per cent jump in December quarter net profit at Rs 9,769 crore on handsome revenue growth, and guided towards maintaining the same momentum going forward.

Similarly, Infosys closed 1.03 per cent higher following a nearly 12 per cent rise in Q3 net profit to Rs 5,809 crore.

In contrast, Wipro was the biggest loser among the Sensex constituents, tumbling 6 per cent, as its flat Q3 profit of Rs 2,969 crore failed to cheer investors.

Asian Paints, HDFC Bank, IndusInd Bank, Kotak Bank and HCL Tech were among the other laggards, slipping up to 2.47 per cent.

“Indian markets opened flat to marginally positive despite negative Asian market peers after higher inflation reading from the US and China’s bank lending declined more than expected in December.

“During the afternoon session markets managed to trade in green albeit, with a narrow range,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares amp; Stock Brokers.

Deepak Jasani, Head of Retail Research, HDFC Securities, said, “On a day when the volumes on the NSE were in line with recent averages, Power, Metals, Capital Goods and Healthcare indices rose the most while Realty and Bank indices lost the most. BSE Smallcap index rose 0.49 per cent while Midcap index was up 0.38 per cent.”

In twin blows for the economy, industrial production remained muted for the third straight month in November 2021 while retail inflation rose to a six-month of 5.59 per cent in December, as per official data released after market hours on Wednesday.

Global markets struggled for momentum after the US posted its highest consumer price inflation in 39 years, setting the stage for rate hikes by the Federal Reserve.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended with losses, while Hong Kong closed in the green.

Stock exchanges in Europe were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude inched up 0.06 per cent to USD 84.62 per barrel.

The rupee inched higher by 3 paise to close at 73.90 against the US dollar.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,001.57 crore on Wednesday, according to stock exchange data. PTI

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