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Nifty Hitting 9,900 For the First Time; Infosys Rises, Decline In TCS

NSE Nifty inched seemed to inch closer to the important milestone of 10,000 points, with the benchmark index breaching 9,900-mark in the opening trade for the first time ever.

Nifty 50 opened at 9,913.3 points, but soon gave up gains to slip into the red. BSE Sensex too fared well in the opening trade, opening above 32,000 level that it breached yesterday for the first time ever, but soon slipped below it.

The indices were dragged down by losses in the shares of TCS, which fell after reporting a disappointing first quarter earnings yesterday. On the other hand, Infosys gained after its first quarter earnings beat estimates.

Yesterday, the domestic markets hit a record high, with Sensex gaining over 200 points to strike the new level of 32,000 points while the broader Nifty 50 advanced more than 50 points to hit a new all-time high of 9,885.65 points.

The market is taking cues from global markets today, SMC Research said in its morning note. Asian stocks are mixed in today’s trade as investors await U.S inflation data and earnings from major U.S banks, including JPMorgan Chase, Citigroup and Wells Fargo.

Indian markets are now reflecting the mixed mood ahead of the corporate earnings. The domestic markets are also weighing on the macro data, i.e., WPI inflation and WPI– food, fuel, manufacturing which is due later today at 12:00 pm.

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