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Broader markets outperform; IT shares in demand

Published on Oct 27, 2023 11:30

The domestic equity barometers regained their upward momemtum and currently traded near the day`s high in mid-morning trade. The Nifty traded above the 19,000 level. IT shares recorded strong buying demand.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 579.82 points or 0.92% to 63,727.97. The Nifty 50 index added 171.15 points or 0.91% to 19,028.40.

In the broader market, the S&P BSE Mid-Cap index rose 2.05% while the S&P BSE Small-Cap index gained 1.96%.

The market breadth was strong. On the BSE, 2805 shares rose and 626 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty IT index added 1.01% to 30,532.25. The index had fallen 4.94% in the past six sessions.

Persistent Systems (up 2.98%), Coforge (up 1.86%), Infosys (up 1.65%), HCL Technologies (up 1.49%) and Wipro (up 1.15%) were the top gainers.

Among the other gainers were Mphasis (up 0.55%), Tech Mahindra (up 0.45%), L&T Technology Services (up 0.43%), Tata Consultancy Services (up 0.33%) and LTIMindtree (up 0.3%).

Global Markets:

Asian stocks are trading higher on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.

Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.

All eyes were on U.S. data later in the session that may show core inflation growing 0.3% in September on a monthly basis, pushing the annual rate lower to 3.7% from 3.9% a month ago.

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