Sensex, Nifty Open Flat; IT Stocks In Focus
The benchmark indices opened flat in the early trade on Thursday, May 27 and were further impacted by mixed cues from their global peers as Asian markets were trading on the backfoot.
The 30-share pack Sensex posted gains in 15 shares and opened up by just 11.78 points at 51,029.30. Shares of Tech Mahindra and TCS were among the top gainers for Sensex at the market opening as they gained nearly a per cent each.
Similarly, the Nifty-50 index was up by just 4.20 points at 15,305.70.
Tracking the sectors, IT, Auto, PSU Bank, and FMCG were among the sectors that witnessed buying interest, while the rest of the sectors remained under pressure in the early trade. The IT sector was the top gainer as it gained nearly two per cent led by shares of Mindtree(+4.61 per cent), Mphasis(+3.21 per cent), and Wipro(+2.27 per cent).
The broader markets were also trading with minimal gains due to profit booking across the sectors after a positive rally that occurred in the previous session which led the benchmark Sensex to cross the 51,000 level. Shares of Reliance Communication and MTNL surged nearly 10 per cent each in the Smallcap space.
On the negative side, Bajaj Finance was the top loser declining over a per cent, while shares of Bajaj Finserv and HUL shed neary a per cent each and joined the losers side on Thursday.
However, analysts feel that the markets are trading in a positive manner overall, every peak is backed by a correction and every correction is turning out to be a buying opportunity for the investors as the participants have adopted the buy on dips strategy.
Moving further, the overall outlook remains positive in the near future as investors are tracking declines in the Covid-19 cases at home and also with positive hopes from several states lifting the lockdown-like restrictions, said experts.
In the overall market breadth at opening, 1235 shares advanced and 360 shares declined.
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