- Indian stock markets fell sharply due to hawkish RBI stance and high crude prices
- TCS shares rose 2.9%, supported by rupee depreciation and upcoming quarterly results
- Titan shares climbed 3% after recovering from prior losses despite challenging growth outlook
The Indian stock market was battered on Thursday, with the benchmark indices falling sharply due to a worsening selloff. A confluence of hawkish RBI turn, elevated crude oil prices, and accelerated FII selling weighed on the Dalal Street, with the NSE Nifty slumping 1.65%, or 373.6 points, to 22,229.45 as of 2:02 pm. The 30-stock Sensex was down 1.50%, or 1,092.6 points, to 71,546.07.
Yet, amid this brutal carnage at the Dalal Street, there were handful of stocks that defied the selloff. Here's a look at five frontline stocks that were in the green lane despite the market being in deep red.
TCS
The IT bellwether led the pack of defensive outperformance, climbing up to 2.9% to trade at a high of Rs 2,141.5. The country's largest software exporter found aggressive buying support as the sliding Indian rupee offered a natural margin cushion against rising operational costs. The climb also comes ahead of the company's results to be declared today, with estimates projecting a likely profitable quarter with a modest uptick in revenue and margins.
Infosys
Infosys shares rose up to 2%, to trade at a high of Rs 1,012.65 apiece, in what is likely a result of a sector-wide rally in IT stocks ahead of the upcoming TCS results. The outlook for IT stocks improved after the earnings scorecard released by Accenture last week, which showed a strong pipeline of orders for the global IT major.
HCLTech, Tech Mahindra
Both the IT stocks gained from the ripple effect, as sectoral leaders TCS and Infosys were among the top gainers during the trade on Thursday. HCLTech rose up 2.25% to a high of Rs 1,211.8, whereas Tech Mahindra rallied up to 2.3% to Rs 1,525 apiece.
Titan
The luxury watchmaker was among the key gainers, rising up to 3% to a high of Rs 4,467. The rally was likely a result from the pullback from the lows on Wednesday, when the stock was hammered around 4% following a disappointing second-quarter business update.
According to Nomura, Titan faces a steep comparison base in its core jewellery division after delivering growth of 40% in Q3, 45% in Q4, and 38% in Q1, according to Nomura. With the revenue boost from elevated gold prices also expected to cool if prices stabilise, the brokerage warned of an optical sequential slowdown in topline growth from the third quarter onwards.
ALSO READ: Why Is Stock Market Crashing Today? Crude Jitters, RBI Tone Among 3 Reasons Behind D-Street Selloff
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.