After the fluctuations on July 15, the share market recovered on July 16. The performance of the IT shares helped the market.
Sensex rose 419 points on July 16. Sensex, which closed at 36,471 points, had gone up to 36,524 points during trading,
Nifty rose 121 points. At one point Nifty had touched 10,755.30 points and it ended trading at 10,739.95 points.
It was IT shares that helped prop up the market on the day. Infosys was the top Nifty gainer, rising to Rs.955.50 before the stock closed 9.51 per cent higher at Rs.910.
Infosys reported only a 2 per cent decline in the June quarter profit at Rs 4,233 crore on strong operating performance. During the same period last year, the company’s profit was Rs.3,798 crore
Infosys, BPCL, Cipla, Mahindra & Mahindra and Britania were the Nifty shares that registered the highest earnings. BPCL rose 6.9% and Cipla 5.55%.
Infratel, Tech Mahindra, ITC, ZEE Limited and IOC faced huge loses. Infratel saw 7% crash.
The good performance of Infosys helped boost other IT stocks. Nifty IT Index rose 2.83%. Pharma stocks too gained on July 16. The Nifty Pharma Index rose 1.8%.
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