IT stocks in demand

The key equity benchmark indices trimmed some gains after initial rally. IT stocks were in demand. Investors awaited the release of June inflation data as it could open the possibility of further interest rate cuts by the RBI to help the economy amid surging coronavirus surging cases and regional lockdowns.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 320.36 points or 0.88% at 36,914.69. The Nifty 50 index added 100.10 points or 0.93% at 10,868.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index gained 0.46%.

The market breadth favored the buyers. On the BSE, 1152 shares rose and 998 shares fell. A total of 154 shares were unchanged.

Cues to watch:

On the macro front, inflation rate for June will be announced today, 13 July 2020.

Buzzing Index:

The Nifty IT index rose 1.60% to 15,814.20, extending gains for third day. The index has added 1.94% in three sessions while the benchmark Nifty 50 index has gained 1.41% during the same period.

Among the index constituents, Larsen & Toubro Infotech (up 5.03%), Tech Mahindra (up 3.66%), Infosys (up 2.21%), HCL Technologies (up 2.04%), Wipro (up 1.98%), MindTree (up 1.58%), NIIT Technologies (up 0.86%) and TCS (up 0.14%) advanced. Mphasis was down 0.57%.

Buzzing stocks:

Avenue Supermarts fell 3.88% to Rs 2,232 after the company's consolidated net profit slumped 85.22% to Rs 49.56 crore on 32.94% fall in total income to Rs 3,884.57 crore in Q1 June 2020 over Q1 June 2019.

Indian Railway Catering and Tourism Corporation (IRCTC) gained 1.05% to Rs 1,415.90 after the company reported a 79.4% jump in net profit to Rs 150.61 crore on a 17.9% rise in net sales to Rs 586.89 crore in Q4 March 2020 over Q4 March 2019.

Karnataka Bank rose 1.70% to trade at Rs 47.90, extending gains for sixth trading sessions. The stock has added 13.64% in six sessions from its recent closing low of Rs 42.15 on 03 July 2020. The bank reported 11.9% rise in net profit to Rs. 196.38 crore on a 16.7% increase in total income to Rs 2134.63 crore in Q1 FY20 over Q1 FY19.

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