Sensex, Nifty Open Flat, Mindtree Jumps 8%

A flat to negative start was witnessed on Wednesday, July 14 in the early trade. The Banking & Financial stocks were the top losers among others at the market opening.

The BSE Sensex opened lower by 10.76 points at 52758.97, and the Nifty declined 2.50 points at 15809.90. The 30-share pack Sensex saw 17 declines and 13 advances at the market opening with shares of Axis Bank(-0.72 per cent), ICICI Bank(-0.67 per cent), and UltraTech Cement (-0.59 per cent) being the top losers.

Among the sectors, the Auto, Banks, Financials, and FMCG were the top losers in the morning trade. However, the IT sector added over a per cent each led by shares of Mindtree(+8 per cent), COFORGE Ltd(+2.95 per cent), and Mphasis(+2.91 per cent).

Shares of Mindtree surged nearly eight per cent and marked a fresh record high of Rs 2,699 in the morning trade after the company on Tuesday, July 13 announced its Q1 results. The company saw a growth of more than eight per cent on the profit front and the company's order book crossed over $500 million. The profit for Q1FY22 stood at Rs 343.4 crore against Rs 317.3 in the previous quarter.

However, the broader markets did not take cues from the benchmarks and were trading in the green at the market opening with the Smallcap index trading at its all-time high led by shares of Steel Str Wheel, Kitex Garments, and Mindtree as they advanced 8-10 per cent each.
In the overall ratio at the time of filing, 1002 shares marked gains, while 700 shares saw selling pressure in the NSE.

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.