Equity indices in narrow range, IT stocks gain

Mumbai: Key Indian equity indices on Monday danced to the tunes of the assembly polls results of Gujarat and Himachal Pradesh to finally close with gains after swinging from the extreme negative to the positive.

Equity benchmark indices traded flat during early hours on Monday following Asian peers as investors awaited developments on the US fiscal stimulus and coronavirus vaccines.

At 10:15 am, the BSE S&P Sensex was down by 55 points or 0.13 per cent at 38,791 while the Nifty 50 moved lower by 9 points or 0.08 per cent at 11,496.
Except for Nifty IT which jumped by 1.7 per cent, all sectoral indices at the National Stock Exchange were in the red with Nifty realty dipping by 0.9 per cent, auto by 0.8 per cent and FMCG by 0.7 per cent.

Among stocks, Bajaj Auto skidded by 2.1 per cent to Rs 2,985.55 per share while Tata Motors fell by 1.7 per cent and Maruti Suzuki by 1.3 per cent.

Power Grid Corporation, GAIL, ONGC, Nestle India and IndusInd Bank too traded with a negative bias.

However, HCL Technologies jumped by 4 per cent to Rs 844 per share while Tech Mahindra and Infosys moved up by 2 per cent each, Tata Consultancy Services by 1.6 per cent and Wipro by 1.5 per cent.

Meanwhile, Asian shares held tight ranges as investors awaited developments on US fiscal stimulus and Covid-19 vaccines amid a resurgence of infections in Europe.

MSCI’s broadest index of Asia Pacific shares outside Japan was 0.1 per cent weaker. Chinese shares opened in the red with the blue-chip index CSI300 down by 0.3 per cent.

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