Markets end flat as IT stocks restrict gains

Indian equity markets ended the day on a flat note as losses in the IT stocks downsized the market gains. Indian IT index registered nearly a 5% decline in Tuesday’s trade after EPAM reduced its CY2023E revenue growth outlook for the second time. This led to a fall in stock prices of all 10 IT companies registered on the Nifty IT index.

Domestic equities extended some gains in today’s trade, except for the IT stocks, which remained under selling pressure throughout the day.

Nifty Auto index registered a gain of about 1%, joined by Nifty Realty. Nifty Midcap 50 closed marginally lower.

The markets remain attractive to investors driven by robust earnings during the period, and growing interest from domestic and foreign investors.

Ultra Tech Cement, Divi’s Lab, Kotak Bank, Grasim, and Tata Motors were the top gainers. Tech Mahindra, Infosys, TCS, Wipro, and ONGC emerged as the top laggards in today’s trade.

HDFC Bank, Adani Enterprises, and Axis Bank were the most active stocks in terms of value. Tata Steel, HDFC Bank, and Tata Motors were the top stocks in terms of volume.

Driven by the market attractiveness, a total of 137 stocks hit new 52-week highs. Only 13 stocks tumbled to new 52-week lows.

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