Page 7 - Divis Lab News Today

Except for pharma and healthcare indices, all sectors were also trading in green in the opening session.

"Higher treasury yields weighed on the tech sector, with Nasdaq receiving fresh drubbing. Also, escalating US-China tensions, and rising recession fears as Chinese data showing industrial activity weakened in June could dent market sentiment. Technically, Nifty may face a hurdle at the 195,77 mark, while any further escalation could push the index towards the 19,900-20,000 zone," said Prashanth Tapse of Mehta Equities.

Companies that reported less-than-expected earnings included ONGC, Infosys, Coal India, Maruti Suzuki, Bajaj Finserv, Tata Steel, UPL, Dr Reddy’s Labs and Cipla, among others.

By 9.40 am, Sensex was up 290.76 points, or 0.46 per cent trading at 62,837.87, Nifty50 gained 74.70 points, or 0.40 per cent to 18,608.80. Axis Bank and Mahindra & Mahindra were the top gainers at this hour.

Sectorally, the media and realty indices jumped 0.84 per cent, Nifty Healthcare Index gained 0.73 per cent, the metal and pharma indices gained 0.62 per cent, and the IT index jumped 0.59 per cent.

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Adani Ports shares tanked 0.82 per cent after the company reported a 5.1 percent rise in its consolidated net profit at Rs 1,158.9 crore for the March quarter.

Sectorally, the Nifty IT index gained 0.52 per cent, led by HCLTech, while, the Nifty FMCG rose 0.49 per cent, followed by the media index rising 0.47 per cent.

Riding on the back of robust bullish sentiment, Sensex and Nifty 50 neared their lifetime high levels on Monday. Consumer durables stocks witnessed the most buying, while substantial gains were also seen in auto and banking stocks. Oil and gas stocks, however, emerged as top underperformers.

An improvement in gross margins is on the cards over the next three to four quarters