IT sector witnesses strong buying - ZENMoney

Domestic indices opened the session on a positive note following firm global cues. Markets witnessed some support in the early trade on report that government will take a speedy decision on hiking FDI limits, as Finance minister indicated that a final decision may be taken by the second or third week of July and has asserted that the fundamentals of the Indian economy are strong. However, the gains in early trade were pared and indices continued to remain in a narrow range ahead of the June F&Oseries. The markets also found some support from the overhaul of rules for foreign investors, including easing registration procedures and simplifying categories, which are expected to increase foreign buying in the short-term. However, indices failed to carry the momentum and pared all its gains in the last hour of trading and ended the day with losses.

On a sectoral front, Auto sector remained as the top looser of the day followed by Metal, Consumer Durables, Health Care, Banks and Capital Goods sectors. Oil & Gas ended with marginal losses. On gainers front, IT sector witnessed strong buying on account of rupee depreciation. Other sectors like, Power,FMCGand Tech stocks also ended the day on a positive side.

Source : Equity Bulls

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