The Indian equity benchmark indices opened higher on Thursday led by gains in IT and pharma stocks. However, gains were capped amid a mixed trend in Asian peers.

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At 9:15 am, the Sensex opened 0.97 percent or 349.39 points higher at 36,401.20 while the Nifty50 index opened at 10,706.20, up 88.00 points or 0.83 percent.

Broader markets underperformed with Nifty Smallcap100 and Nifty Midcap100 indices down 0.16 percent and 0.57percent, respectively.

Among sectoral indices, the Nifty IT index gained the most with 4 percent rally followed by Nifty Pharma. Selling was witnessed in Nifty Private Bank, Nifty Metals, Nifty FMCG and Nifty Auto.

Infosys, HCL Technologies, Tech Mahindra, TCS and Sun Pharmaceuticals led the gains among Nifty50 constituents while Vedanta, ITC, Hindalco, Power Corporation and Coal India were the top index losers.

Shares of IT major Infosys rallied 10 percent after the company reported better than expected earnings in Q1FY21. The company’s net profit in Q1FY21 fell 2 percent to Rs 4,233 crore from Rs 4,321 crore while revenue rose 1.7 percent to Rs 23,665 crore from Rs 23,267 crore, QoQ. The company gave FY21 revenue growth guidance in the range of 0-2 percent in constant currency. The operating margin for FY21 is estimated to be in the range of 21-23 percent.

Sugar stocks such as Balrampur Chini Mills, Dhampur Sugar Mills Ltd, EID Parry, Bajaj Hindusthan, Dalmia Bharat Sugar among others gained after the group of ministers approved an increase in the minimum selling price (MSP) of sugar by Rs 2 to Rs 33 per kg.

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