Sensex maintains 100-pt lead, Nifty hovers around 11,700; IT, pharma gain big

Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning. Automobile stocks are also rising as investors are reacting to their monthly sales data for August.

Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.

Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.

The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-maintains-100-pt-lead-nifty-hovers-around-11700-it-pharma-gain-big-2909171.html