Sensex starts at 66,530 after gaining 60 points at the opening bell, Nifty is at 19,825

The benchmark indexes Sensex and Nifty gave up early gains to trade lower on Thursday as IT shares fell after TCS’s statement that the industry is still facing challenges due to the weak economy.

The 30-share Sensex increased from its opening level to a high of 66,577.60, up 104 points, as banking, auto, and metal companies increased in line with booming international markets.

The 30-share index fell by 84.16 points or 0.13 percent to 66,388.89 at 9.50 AM as a result of losses in IT shares, which outweighed the gains.

The larger Nifty fell by 23.70 points, or 0.12%, from its early highs to trade at 19,787.65. In morning trading, it fluctuated between a high of 19,843.30 and a low of 19,784.55.

Stocks that are sensitive to interest rates increased after the minutes of the US Federal Reserve’s meeting, which were published on Wednesday, showed that the US central bank would delay raising interest rates due to the deteriorating state of the economy.

IndusInd Bank, Axis Bank, SBI, Tata Motors, JSW Steel, ICICI Bank, Maruti, Tata Steel, and M&M all saw gains in early trading among Sensex stocks.

The gains were, however, offset by a more than 1% decline in the largest Sensex loser, TCS, an IT giant.

According to the corporation, the IT industry is still facing challenges due to the weak economy. The biggest software exporter in the nation, TCS, said on Wednesday that its net profit for the September quarter increased 8.7% to 11,342 crore.

In addition to declaring a roughly 3,300 crore dividend payment, the Tata Group firm has announced a 17,000 crore share buyback.

A decrease was also seen in other IT equities including Tech Mahindra, Infosys, and Wipro. The benchmark index was also hampered by declines in Reliance, HUL, L&T, and Bharti Airtel.

According to Geojit Financial Services’ Chief Investment Strategist V K Vijayakumar, “there are favorable events that might boost the market surge.

“Big positives for the market include the steadily lowering dollar index and US bond rates, falling oil, and a substantial decline in FII selling in the cash market. The bulls will get a boost if the US CPI inflation data that is due tonight falls below 3.6%.

After overnight gains in US markets, Asian markets, including Japan, China, and Hong Kong, were trading higher.

The Nikkei 225 in Japan increased by 1.48 percent, the Hang Seng in Hong Kong increased by 1.75 percent, and the Kospi in South Korea increased by 0.93 percent.

Domestically, the Sensex surged by 393.69 points, or 0.6%, to end the day at 66,473.05 while the Nifty gained 121.50 points, or 0.62 percent, to end the day at 19,811.35.

According to statistics available with the BSE, foreign institutional investors (FIIs) continued to be net sellers on Wednesday, selling shares worth 421.77 crore.