Nifty above 21,800 level; IT shares in demand

The domestic equity benchmarks traded with limited gains in morning trade. The Nifty traded above 21,800 level. IT shares gained after declining in the past trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 203.85 points or 0.28% to 71,935.27. The Nifty 50 index added 59.40 points or 0.27% to 21,831.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index gained 0.87%.

The market breadth was strong. On the BSE, 2,209 shares rose and 1,356 shares fell. A total of 166 shares were unchanged.

The Reserve Bank of India (RBI) Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled from 6 February to 8 February 2024.

Result Today

Britannia Industries (down 0.43%), FSN E-Commerce Ventures (Nykaa) (down 0.19%), Azad Engineering (down 0.50%), Birla Corporation (up 2.36%), Blue Jet Healthcare (down 1.56%), Computer Age Management Services (up 1.30%), Endurance Technologies (up 1.80%), Godrej Properties (down 0.01%), J B Chemicals & Pharmaceuticals down (0.50%), JK Tyre & Industries (up 0.58%), Lemon Tree Hotels (up 2.07%), Max Financial Services (up 3.52%), Navin Fluorine International (up 0.43%), Nazara Technologies (up 3.68%), NLC India (3.28%), Trident (up 4.02%), Tata Teleservices (Maharashtra) (up 0.26%), Welspun Corp up (1.38%), and Zaggle Prepaid Ocean Services (up 0.20%) will announced their quarterly earnings later today.

New Listing:

Shares of BLS E-Services were currently trading at Rs 327.95 at 10:37 IST on the BSE, representing a premium of 142.93% as compared with the issue price of Rs 135.

The scrip was listed at Rs 309, exhibiting a premium of 128.89% to the issue price.

So far, the stock has hit a high of 347.90 and a low of 302.75. On the BSE, over 16.42 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index rallied 2.24% to 37,994. The index declined 0.43% in the past trading session.

Tata Consultancy Services (up 3.72%), Wipro (up 2.78%), Coforge (up 2.71%), Mphasis (up 2.71%) and HCL Technologies (up 2.64%), Infosys (up 1.64%), Tech Mahindra (up 1.52%), L&T Technology Services (up 1.51%), Persistent Systems (up 1.36%) and LTIMindtree (up 0.53%) advanced.

Stocks in Spotlight:

Zydus Lifesciences rallied 4.93% after the company said its board will consider a share buyback on Friday, 9 February 2024.

Ashok Leyland rose 0.20% after the company reported 60.51% jump in standalone net profit to Rs 580 crore in Q3 FY24 as compared with Rs 361.34 crore in Q3 FY23. Revenue from operations increased 2.69% to Rs 9,273 crore in Q3 FY24 as compared with Rs 9,026 crore posted corresponding quarter last year.

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