Domestic markets witnessed a rise in volatility on Thursday due to rising coronavirus case. IT stocks, however, came to the rescue with Infosys rising over 10 per cent after posting better-than-expected company results.
By 10 am, Sensex was trading above 200 points despite a volatility. Nifty, too, was trading 50 points higher. (Photo: Reuters)
Domestic markets saw increased volatility during Thursday’s morning trade session as investors continue to remain worried about the daily increase in coronavirus cases in India.
However, IT stocks came to the rescue with Infosys rising over 10 per cent after posting better-than-expected company results. Other IT stocks like TCS, HCL Tech, Tech Mahindra, also added to the gains.
Some of the other top gainers were Maruti, M&M and Reliance. Meanwhile, some of the top laggards were ITC, PowerGrid, NTPC, Tata Steel, IOC and UPL.
Also Read | Massive deals drive Infosys Q1 net profit up by 12.4% to Rs 4,272 crores
All Nifty sectoral indices except Nifty IT and Nifty Auto were in the red. However, Nifty IT saw a huge surge of over 4.50 per cent due to Infosys.
At around 9:15 am, BSE Sensex was trading just 14.83 points higher at 36,066.64 while NSE Nifty was down 1.6 points at 10,616.20. However, IT shares came to the rescue and boosted market sentiments.
By 10 am, Sensex was trading above 200 points despite volatility. Nifty, too, was trading 50 points higher.
However, the rise in volatility seems to be a result of rising number of cases in India. The country reported the biggest single-day spike of 32,000 fresh cases on Thursday. Over 600 deaths were also recorded.
As of now, India’s total coronavirus case count stands at over 9.68 lakh while 24,915 people have succumbed after contracting the deadly virus.
Also Read | Sensex, Nifty give up nearly all gains as Reliance disappoints