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Stock Market: Sensex, Nifty trim early morning gains; telecom, tech, power shares gain

Stock Market: On account of profit-booking in energy, banking and financial shares, the Indian indices trim its early mornming gains by the end of closing bell. The BSE Sensex that once made a high of 30,739 closed at 30,196 levels — 167 points higher than its yesterday close. The NSE Nifty closed below 9,000 levels at 8,889 but logged 66 points gain. Bank Nifty closed in the red zone after making an intraday high of 18,175 levels. Telecom, tech and power sector stocks were among the major gainers in the intraday trade session.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Nifty is currently trading in the broader ragne of 8,700 to 9,100. The early morning high were mainly caused by the COVID-19 vaccines hopes that was not expected to last for long. At Indian indices, Nifty is facing resistance at 9,100, if it manages to break this level and sustain above, then we can expect it to scale up to 9,380 levels soon.” However, Pandey said that Nifty has closed below 9,000 levels, which can keep the Indian indices under pressure for few trade sessions.

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Shares of Reliance Industries, SBI, Bharti Airtel, Bajaj Finance, Bharti Airtel, ICICI Bank, HDFC Bank, Can Fin Homes, Vodafone Idea and Larsen & Toubro were among the most trending stocks in the closing bell trade session while shares of Siemens, Housing Development Finance and HUL were among the most active stocks in the early morning trade session.

Led by skyrocketing Bharti Airtel share price, telecom stocks led the bull run by logging near 10 gains in the BSE telecom index. Bharti Airtel share price shot up 10.75 per cent, Vodafone Idea shares surged 19.49 per cent, shares of Bharti Infratel soared 3.72 per cent, Sterlite Technologies stock price soared 2.85 per cent, Mahanagar Telephone Nigam Ltd or MTNL stocks gained 1.93 per cent while Optiemus Infracom scrip scaled up 3.75 per cent.

In tech sector, Inox Leisure share price surged 14.98 per cent, MindTree shares rose 4.14 per cent, shares of PVR rose 7.64 per cent, Tech Mahindra counter added 1.50 per cent, Infosys share price gained around 1.04 per cent while Larsen & Toubro Infotech scrip rose 1.06 per cent in the intraday trade session.

Among the major Asian indices, the Japanese Nikkei 225 index soares 1.49 per cent, Kospi scaled up 2.25 per cent, Hang Seng shot up 1.89 per cent while Shanghai market added 0.81 per cent.

At Wall Street yesterday, Dow 30 surged 3.85 per cent, Nasdaq soared 2.44 per cent, S&P 500 skyrockted 3.15 per cent while SmallCap 2000 shoot up 6.39 per cent.

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