Mumbai, Sep 27: Indian frontline equity indices were trading near record highs as heavyweight IT stocks like Infosys, Wipro, TCS and Tech Mahindra gained after a positive revision of Accenture’s revenue guidance for FY25.
At 9:49 a.m., Sensex was up 94 points or 0.11 per cent at 85,930 and Nifty was up 46 points or 0.18 per cent at 26,262. Sensex and Nifty made a new all-time high of 85,966 and 26,271 respectively in early trade.
The broader market trend remained positive. On the National Stock Exchange (NSE), 1,448 shares were in the green and 824 shares in the red. Buying was also seen in the midcap and smallcap stocks. Nifty Midcap 100 index was up 148 points or 0.25 per cent at 60,618 and the Nifty Smallcap 100 index was up 96 points or 0.51 per cent at 19,359.
Among the sectoral indices, IT, PSU Bank, Auto, Pharma, FMCG, Metal, Pvt Bank and PSE were major gainers. Fin service, Realty, Media, Energy and Infra were laggards. Hardik Matalia, Derivative analyst at Choice Broking said, “After a positive opening, Nifty can find support at 26,100 followed by 26,000 and 25,900.
On the higher side, 26,300 can be an immediate resistance, followed by 26,350 and 26,400.” In the Sensex pack, Infosys, Tech Mahindra, Wipro, HCL Tech, TCS, Sun Pharma, Tata Steel, Titan, IndusInd Bank, Tata Motors, JSW Steel, Tata Motors and SBI were the top gainers. Power Grid, L&T, Bharti Airtel, M&M, Maruti Suzuki, ICICI Bank and HDFC Bank were the top losers. Most of the markets in Asia are trading at a brisk pace.
There is a rise in Tokyo, Shanghai, Hong Kong and Bangkok. Only Seoul and Jakarta are trading in the light red. US markets closed in the green on Thursday. Other market experts said, “An important trend emerging in the market is the clear outperformance of large-caps over mid and small-caps.
The outperformance has been pronounced during the last five trading days which saw Nifty appreciate by 2.85 per cent against a mere 0.6 per cent up move in the small-cap index.” They further said this is a healthy trend which can impart resilience to the market and, given the gush of domestic liquidity, take it higher. It appears that smart money is moving from mid and smallcaps to largecaps. The foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 629.96 crore on September 26, while domestic institutional investors extended their buying as they bought equities worth Rs 2405 crore on the same day. –IANS avs/svn