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Barometers trade with minor gains, IT shares in demand

Published on May 19, 2023 11:34

The domestic equity barometers pared losses and traded with minor gains in mid-morning trade. The Nifty traded above the 18,100 level after hitting the day`s low of 18,060.40 in morning trade. IT, media and auto stocks advanced while pharma, metal and oil & gas shares declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 54.4 points or 0.09% to 61,486.14. The Nifty 50 index rose 5.75 points or 0.03% to 18,135.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 0.24% while the S&P BSE Small-Cap index fell 0.23%.

The market breadth was negative. On the BSE, 1,411 shares rose and 1,845 shares fell. A total of 116 shares were unchanged.


The swearing-in ceremony of the new Karnataka chief minister Siddaramaiah and deputy chief minister DK Shivakumar will be held on May 20. In the May 10 elections to the 224-member Karnataka Assembly, the Congress scored an emphatic victory by bagging 135 seats while the ruling BJP and Janata Dal (Secular) secured 66 and 19 seats, respectively.

Buzzing Index:

The Nifty IT index rose 1.62% to 28,345.15. The index declined 1.15% in the past two trading sessions.

LTI Mindtree (up 2.32%), Tech Mahindra (up 1.84%), HCL Technologies (up 1.76%), Infosys Ltd (up 1.55%), Persistent Systems (up 1.52%), L&T Technology Services (up 1.3%), Coforge (up 1.23%), Mphasis (up 1.06%), Wipro (up 1.03%) and Tata Consultancy Services (up 0.69%) advanced.

Stocks in Spotlight:

G R Infraprojects rallied 5.48% after the company`s net profit jumped 40.9% to Rs 389.68 crore on 2.7% rise in revenue from operations to Rs 2,461.96 crore in Q4 FY23 over Q4 FY22.

Rites tumbled 4.61% after the company`s net profit fell 3.5% to Rs 132.01 crore in Q4 FY23 on 10.3% decline in net sales to Rs 686.81 crore in Q4 FY23 over Q4 FY22.

Gulf Oil Lubricants India rallied 3.48%. The compnay reported 1.92% fall in net profit to Rs 62.17 crore despite a 23.94% rise in net revenue to Rs 792.05 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Asian stocks traded mixed on Friday ahead of G7 summit in Japan. Japan`s Nikkei share average rose on Friday to the highest since August 1990, the country`s so-called "bubble" era.

Prime Minister Narendra Modi will be in Japan`s Hiroshima from May 19-21 for the Group of Seven (G7) summit. The leaders will discuss a wide range of issues including geopolitics, economics, and climate change challenges. The Russia-Ukraine war and escalating tensions between China and the United States could dominate the agenda.

US stocks closed higher for a second straight day on Thursday on mounting optimism that a US debt ceiling deal could be reached within days, with discount retailer Walmart Inc providing additional support after an upbeat annual sales forecast.

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