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.
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.
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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