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Indian benchmark indices Sensex and Nifty bounced back on Tuesday after four days of decline, driven by value buying and positive Asian markets. HCL Tech’s earnings miss weighed on IT stocks.
The 30-share BSE benchmark Sensex jumped 449.48 points to 76,779.49 in early trade. The NSE Nifty climbed 141.25 points to 23,227.20.
The BSE Sensex tanked 1,869.1 points or 2.39 per cent in the past four trading sessions.
From the 30-share blue-chip pack, NTPC, Zomato, IndusInd Bank, Tata Motors, Adani Ports and Bajaj Finance were among the gainers.
HCL Technologies slumped over 9 per cent after its December quarter earnings failed to cheer investors.
IT company HCL Tech on Monday reported a 5.54 per cent uptick in consolidated net profit to Rs 4,591 crore in the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.
“HCLT’s 3Q numbers and 4Q guidance were underwhelming,” according to Motilal Oswal Research.
“HCL Tech reported decent revenue growth of 3.8% q-o-q in cc but missed our estimates of 4.8% q-o-q in cc with largely broad performance across geos and verticals,” Shaji Nair, Research Analyst, Capital Market Strategy, Mirae Asset Sharekhan, said.
From the 30-share pack, Tech Mahindra, Infosys, Hindustan Unilever, Tata Consultancy Services and Nestle were the other laggards.
In Asian markets, Seoul, Shanghai and Hong Kong were trading in the positive territory while Tokyo quoted lower.
US markets ended on a mixed note on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,892.84 crore on Monday, according to exchange data.
“Now it appears that the market is a bit oversold and this favours a bounce back in the near-term. But that trend, if it plays out, is unlikely to sustain,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Global oil benchmark Brent crude dipped 0.33 per cent to USD 80.74 a barrel.
Falling for the fourth straight session on Monday, the 30-share BSE benchmark Sensex tanked 1,048.90 points or 1.36 per cent to settle at 76,330.01. The Nifty dropped 345.55 points or 1.47 per cent to close at 23,085.95.
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