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Benchmarks trade with moderate gains; IT shares advance

Published on May 22, 2024 14:40

The headline equity indices continued to trade with limited gains in afternoon trade. The Nifty hovered above the 22,550 mark after hitting the day`s low of 22,483.15 in morning trade. IT shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the barometer index, the S&P BSE Sensex, was up 190.92 points or 0.26% to 74,143.57. The Nifty 50 index gained 51.80 points or 0.23% to 22,580.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.17% while the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,804 shares rose and 1,982 shares fell. A total of 121 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 0.83% to 33,658.05. The index shed 0.09% in the past trading session.

Coforge (up 2.69%), L&T Technology Services (up 2.58%), Infosys (up 1.64%), LTIMindtree (up 1.2%), Tech Mahindra (up 0.75%), Mphasis (up 0.67%), Tata Consultancy Services (up 0.43%), HCL Technologies (up 0.13%) and Persistent Systems (up 0.03%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.54% to 7.040 as compared with previous close 7.078.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2650, compared with its close of 83.3125 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.19% to Rs 73,883.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 104.69.

The United States 10-year bond yield grew by 0.61% to 4.442.

In the commodities market, Brent crude for July 2024 settlement lost 99 cents or 1.19% to $ 81.89 a barrel.

Stocks in Spotlight:

Metropolis Healthcare rallied 3.86% after the company�s consolidated net profit increased 7.9% to Rs 36.1 crore in Q4 FY24 as compared with Rs 33.5 crore in Q4 FY23. Revenue from operations increased 17.7% to Rs 331 crore in Q4 FY24, compared to Rs 282.5 crore in Q4 FY23.

Spicejet advanced 2.62% after the company said that it will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter Kalanithi Maran and his firm, KAL Airways.

The Division Bench of the Delhi High Court ruled on Friday, 17 May in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

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