IT stocks lead Nifty gains as financials bleed; West Asia, crude oil weigh on mood
Technology stocks drove the early action on the gainers' board.
The Nifty 50 and Sensex opened lower on Friday, August 7, as technology stocks led the early gains. Tech Mahindra, TCS, and HCL Technologies posted gains, while Bajaj Finance, Bajaj Finserv, Trent, Shriram Finance, and Jio Financial Services faced declines. The market sentiment remained cautious following a retreat in Wall Street overnight, with crude oil prices rebounding and US Treasury yields rising, which sparked concerns about inflation.
Domestic Institutional Investors (DIIs) supported the market with net purchases, while Foreign Institutional Investors (FIIs) were marginal net sellers. IT stocks continued to face challenges amid concerns over the impact of artificial intelligence, despite double-digit revenue and profit growth in several sectors. The broader market outlook remained cautiously optimistic as the MACD remained above its signal line, indicating a continued bullish bias.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
Also reported by 2 other outlets
- Sensex today | Stock Market Highlights: Sensex falls 456 points, Nifty slips as banking stocks drag markets lower thehindubusinessline.com
- Saudi Aramco cuts Arab Light crude price to Asia for September hellenicshippingnews.com
