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Nifty above 17,850 mark, IT stocks in demand

Published on Sep 09, 2022 14:31

The domestic equity barometers traded with modest gains in the mid-afternoon trade. The Nifty traded a tad above the 17,850 mark after hitting the day`s low of 17,786 in the afternoon trade. IT shares extended gains for the third consecutive trading session. Global cues were positive as investors digested a record rate hike by the European Central Bank and further comments from Federal Reserve Chair Jerome Powell.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 174.23 points or 0.29% to 59,862.45. The Nifty 50 index was up 57.80 points or 0.32% to 17,856.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.36%.

The market breadth turned positive. On the BSE, 1,729 shares rose and 1,686 shares fell. A total of 130 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.154 as compared with 7.135 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.5250, compared with its close of 79.69 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement gained 0.56% to Rs 50,640.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, declined 1.10% to 108.50.

In the commodities market, Brent crude for November 2022 settlement rose $1.42 or 1.59% at $90.57 a barrel.

Buzzing Index:

The Nifty IT index gained 2.34% to 28,760.30, extending its gaining streak for the third session. The index advanced 3.67% in three trading sessions.

Tech Mahindra (up 3.01%), L&T Technology Services (up 2.69%), Larsen & Toubro Infotech (up 2.59%), Mindtree (up 2.5%), Infosys (up 2.08%), HCL Technologies (up 1.87%), Mphasis (up 1.79%), Coforge (up 1.46%), Tata Consultancy Services (up 1.46%) and Wipro (up 0.99%) edged higher.

Stocks in Spotlight:

Tata Motors rose 0.95%. The auto major on Friday (9 September 2022) said it remains committed towards realizing the vision of making India the EV hub of the world. The company, Tata Passenger Electric Mobility (TPEM) has been established with TPG Rise Climate to offer new mobility solutions. TPEM aims to ride the green wave and support the government`s vision to have 30% electric vehicle penetration by 2030, Tata Motors said in a release. The company will be rolling out the electric version of its entry-level model Tiago, its third EV after Nexon and Tigor. It has set a target of introducing 10 electric models in different affordability levels.

Aurionpro Solutions gained 1.72% after the company said that it has completed the transaction for the acquisition of majority stake (51%) in Toshi Automatic Systems (TAS). Accordingly, the company has now completed the acquisition of its majority stake in TAS, and the same has now been renamed as Aurionpro Toshi Automatic Systems (ATAS). The acquisition was valued at Rs 14 crore and was entirely funded through internal accruals, the firm stated.

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