Stock markets recover from early losses; IT stocks gain

Indian stock markets on Monday recovered smartly from early losses to close marginally higher, led by gains in information technology (IT) stocks.

At the close, the Sensex was up 47.01 points, or 0.06 per cent, at 77,616.40, while the Nifty gained 4.10 points, or 0.02 per cent, to settle at 24,211. The Nifty Midcap 100 and Nifty Smallcap 100 also ended on a flat note.

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Among the sectoral indices, the Nifty IT index surged 3.59 per cent, while the Nifty Media index closed with a healthy gain of 2.09 per cent. The Nifty Consumer Durables index rose 1.15 per cent.

Meanwhile, the Nifty Bank, PSU Bank, and Private Bank indices ended 0.15 per cent, 0.11 per cent, and 0.25 per cent higher, respectively. On the other hand, the Nifty FMCG index fell 1 per cent, while the Nifty Metal index declined 0.69 per cent.

Among the top gainers on the Nifty, TCS led the rally with a gain of 5.4 per cent, followed by HCLTech, Tech Mahindra, Infosys, and Bajaj Auto. On the losing side, Grasim Industries emerged as the biggest laggard, falling 2 per cent, followed by Tata Steel, Nestlé India, InterGlobe Aviation (IndiGo), and Eternal.

Nearly 185 stocks hit their 52-week highs, while 78 stocks touched their 52-week lows during intraday trading on the BSE.

Among the stocks that touched their 52-week highs were Federal Bank, JSW Infrastructure, FSN E-Commerce Ventures (Nykaa), Oracle Financial Services Software (OFSS), One 97 Communications (Paytm), The Phoenix Mills, and Torrent Pharmaceuticals. Stocks that hit their 52-week lows included Elitecon International, National Standard (India), and TechNVision Ventures.

Among key IT stocks, TCS jumped 5.4 per cent, while Newgen Software Technologies surged 13.3 per cent. Sonata Software, Zensar Technologies, Birlasoft, Tech Mahindra, Infosys, Mphasis, Cyient, eClerx Services, Coforge, Persistent Systems, and Netweb Technologies rallied between 2.5 per cent and 11 per cent.