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.
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