The stock market closed the green mark in the evening after losing profits in the morning, with IT shares stalling.

In volatile trading, the BSE Sensex fell by 371.87 points from its day high of 50,118.08 to end at 49,746.21, an increase of 84 points. Investors are taking a cautious approach due to the increasing coronavirus cases in the country and the restrictions imposed in many parts of the country for its prevention. The 30-share BSE Sensex rose 84.45 points, or 0.17 percent, to 49,746.21.

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The National Stock Exchange’s Nifty also rose by 54.75 points, or 0.37 per cent, to 14,873.80. In other markets in Asia, Shanghai, Hong Kong and Seoul closed with gains and Tokyo fell. European markets were profitable in the early trade. Meanwhile, global oil quality Brent crude fell 0.44% to $ 62.88 a barrel.

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Ultratech Cement was the biggest gainer in Sensex shares. It has gained more than 4 per cent. In addition, Titan, Tech Mahindra, Nestle India, TCS, Bajaj Finserv and L&T also have good growth. On the other hand, shares of IndusInd Bank, ONGC, Sun Pharma, HDFC Bank and Axis Bank fell.

Profit recovery in shares of financial companies

“Domestic stock markets have been trading for a long time but have fallen sharply since then,” said Vinod Modi, head of strategic affairs at Reliance Securities. Increasing Covid-19 cases are affecting investor perception. Shares of financial companies fell because of profit margins.

Shares of IT companies have stalled

“Companies’ earnings will be better in Q4 of fiscal year 2020-21, and the rupee’s exchange rate decline against the dollar will attract investors to the stakes of IT companies,” he said. Softening bond yields and a drop in crude oil prices have provided some support to the market, but a fall in the rupee exchange rate may cause concern for investors. It can also affect FPI flow.