NIFTY TRADES ABOVE 25,600 LEVEL; IT SHARES RALLY

The domestic equity benchmarks traded with major gains in the morning trade, supported by a recovery in technology stocks following the previous session�s sharp selloff that had dragged the indices lower. The Nifty traded above the 25,600 level. IT shares advanced after declining in the past five consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 650.09 points or 0.79% to 82,876.01. The Nifty 50 index gained 213.55 points or 0.83% to 25,638.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index rallied 0.63% and the BSE 250 SmallCap Index jumped 0.65%.

The market breadth was strong. On the BSE, 2,307 shares rose and 1,253 shares fell. A total of 220 shares were unchanged.

Buzzing Index:

The Nifty IT index surged 2.87% to 30,916.35. The index tumbled 9.13% in the past five consecutive trading sessions.

Mphasis (up 3.67%), Infosys (up 2.83%), LTIMindtree (up 2.77%), HCL Technologies (up 2.70%), Tech Mahindra (up 2.36%), Tata Consultancy Services (up 2.26%), Persistent Systems (up 2.09%), Coforge (up 1.95%), Wipro (up 1.92%) and Oracle Financial Services Software (up 1.80%) advanced.

Stocks in Spotlight:

Lupin rose 0.51%. The company said that it has received approval from the U.S. Food and Drug Administration for its abbreviated new drug application (ANDA) for Brivaracetam oral solution 10 mg/mL.

Biocon added 0.22%. The company said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its complex formulation Liraglutide Injection.

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