Market Movers: Banks lead charge for bulls as IT pack tumbles

Banks lead the charge for bulls as IT pack tumbles

MUMBAI: As the reliance grows to carry the baton in the coming months over the sector, shares of banks led the charge for bulls on the Street.

The Nifty Bank index rose 1.4% in the period, surpassing every other sectoral index with money managers suggesting that the growth of the loan for the sector will lift up as the economy gets back on track. Market Movers: Banks lead charge for bulls as IT pack tumbles

On Monday, the brokerage firm Nomura India quoted that the economic activity had gotten back to pre-second wave levels, which is generally good for lenders.

It was the private banks that were erected back during the wonderful banking pack session. Banks will help the Nifty50 finally cross the 16,000 points hurdle and will be able to preserve the sport.

IT stocks are tumbling

Not in a good method. Information technology company’s shares have been under the baton after all the disappointing June quarter earnings of the sector leader Tata Consultancy Services (TCS). 

Besides Infosys set to deliver its earnings on Wednesday, investors are not at all prone to place bets in the faith that the company will outplay TCS.

The Nifty IT index closed 0.3% inferior. Accustomed to the rich worth of the sector and the considerable gains they have seen in the last 12 months, any shift will be incidental to exceeding the market’s evaluation for earnings. 

OFSS bucks the trend 

Although most services companies were coloured in red, some did resist the bent. Oracle Financial Services Software upsurge nearly 3% as investors bet on the company to be advanced of its rivals when it comes to BFSI spending. The company is a ruler in BFSI tech and with banks probably to open up their purse strings going ahead to keep up with more agile technology rivals.


I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.