Indices trade at day`s high

The main indices traded at the day`s high with decent gains in mid morning trade. The Nifty traded above the 16,700 mark. It, banking and financial stocks saw buying demand while metal, auto and FMCG shares came under selling pressure.

At 11:31 IST, the barometer index, the S&P BSE Sensex, gained 476.99 points or 0.86% at 56,027.15. The Nifty 50 index gained 114 points or 0.69% at 16,744.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.51% while the S&P BSE Small-Cap index rose 0.15%.

The market breadth was positive. On the BSE, 1,781 shares rose and 1486 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,263.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,686.85 crore in the Indian equity market on 11 March, provisional data showed.

Buzzing Index:

The Nifty IT index added 1.21% to 35,775.95, snapping its two day losing streak. The IT index declined 0.26% in two days.

Infosys (up 2.56%), Wipro (up 1.19%), HCL Technologies (up 0.95%), Mphasis (up 0.73%) and TCS (up 0.67%) were top gainers in IT space.

Tech Mahindra rose 0.44%. The IT company on Saturday announced that it has approved the proposal to acquire 100% equity shares in Thirdware Solutions. Thirdware, headquartered in Mumbai, is a global player in Enterprise Applications focused in the areas of ERP, BIA, Cloud and business technologies. Tech Mahindra said that the acquisition will bolster company`s digital solutions and services in automotive consulting, design, development and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things).

Stocks in Spotlight:

Larsen & Toubro rose 0.53%. The EPC company`s Water & Effluent Treatment Business secured various `significant` contracts. As per L&T`s classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

Alembic Pharmaceuticals was down 0.12%. The drug company received a tentative approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Macitentan tablets (10 mg). The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Opsumit tablets of Actelion Pharmaceuticals US, Inc. (Actelion). Macitentan tablets are an endothelin receptor antagonist (ERA) indicated for the treatment of pulmonary arterial hypertension (PAH, WHO Group I) to delay disease progression.

Global Markets:

Asian stocks were trading mixed on Monday as investors monitor a Covid wave in China. Meanwhile, oil prices continued to be volatile amid the Russia-Ukraine war.

Investors continued watching developments on the Russia-Ukraine war, which is disrupting shipping and air freight. Elsewhere, markets also monitored a recent wave of Covid infections in China � including the major city of Shenzhen.

U.S. stocks dropped on Friday as the ongoing Russia-Ukraine conflict continued to unnerve investors. The U.S. government will revoke Russia`s most-favored nation trade status amid the conflict, the White House said Friday, noting that it will work with Group of Seven (G7) countries and the European Union to roll out new sanctions.

In U.S. economic reports, data from the University of Michigan consumer sentiment survey showed a fall to an initial March reading of 59.7 from February`s level of 62.8.

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