US Election: IT Stocks, PSU Banks Witness Highest Delivery Activity Before Key Event
The Nifty indices of IT and PSU banks witnessed the highest delivery activity in Monday's trading session, while the Nifty 50 closed with a decline of over 1%. The benchmark index had fallen over 2% during the session and pared the falls before closing at its lowest in over a month.
Nifty IT Fell The Least
Nifty IT fell the least among all the sectors for the day and witnessed the largest delivery buying among all sectors. Tech Mahindra, the top performer in Nifty IT, gained 2.17% for the day.
The shares of Tech Mahindra Ltd. gained 2.17% for the day and witnessed a delivery of 49% of total volume, equal to 1.06 times its one-month average.
The Tata Consultancy Services Ltd. scrip lost 0.5% for the day and witnessed a strong delivery of 65% of total volume, greater than 1.06 times its one-month average.
The stock of Infosys Ltd. gained 0.16% for the day and witnessed a strong delivery of 62% of total volume, greater than 1.10 times its one-month average.
Nifty PSU Fell 0.24%
The Nifty PSU Bank fell just 0.24% for the day and witnessed strong delivery buying. Punjab National Bank, with a gain of 2.64%, was the top performer among Nifty PSUs for the day.
Shares of PNB gained 2.69% for the day and witnessed a strong delivery of 52% of total volume, greater than 1.02 times its one-month average.
The Union Bank of India stock lost 1.6% for the day and witnessed a strong delivery of 55% of total volume greater than 1.17 times its one-month average.
These delivery-based buying comes ahead of the result of US Presidential elections. The US election outcome can influence policies, which directly affect the Indian IT sector. Many Nifty IT companies rely on US clients and employ a significant number of professionals in the US. So, any changes in policies or regulations can impact operational costs and revenue growth of Nifty IT companies.
The US elections will indirectly impact the Nifty PSU Bank stocks through capital flows, currency fluctuations, and global economic policies that influence lending and credit conditions in India.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
