Nifty climbs above 20,000; IT shares in demand

The key equity indices extended gains and traded near the day`s high in morning trade. The Nifty marched above the 20,000 level. IT shares edged higher for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 389.22 points or 0.59% to 66,563.42. The Nifty 50 index gained 115.60 points or 0.58% to 20,005.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index gained 0.46%.

The market breadth was strong. On the BSE, 2,122 shares rose and 1,267 shares fell. A total of 166 shares were unchanged.

New Listing:

Shares of Indian Renewable Energy Development Agency (IREDA) were currently trading at Rs 54.67 at 10:20 IST on the BSE, representing a premium of 70.84% as compared with the issue price of Rs 32.

The scrip was listed at Rs 50, exhibiting a premium of 56.25% to the issue price. So far, the stock has hit a high of 55.70 and a low of 49.99. On the BSE, over 197.59 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index gained 1.39% to 32,564.60. The index added 1.59% in the past trading session.

Mphasis Ltd (up 2.7%), Coforge Ltd (up 2.31%), Tech Mahindra Ltd (up 2.29%), Wipro Ltd (up 1.93%), L&T Technology Services Ltd (up 1.76%), Persistent Systems Ltd (up 1.65%), HCL Technologies Ltd (up 1.49%), Infosys Ltd (up 1.22%), LTIMindtree Ltd (up 1.2%) and Tata Consultancy Services Ltd (up 1.11%) advanced.

Stocks in Spotlight:

Adani Power added 0.91%. The company has launched a pioneering pilot project at its Mundra plant to incorporate green ammonia into its decarbonization efforts. The project involves the co-firing of up to 20% green ammonia in the boiler of a traditional coal-fired 330MW unit. This green ammonia is derived from green hydrogen produced through electrolysis using renewable energy, providing a carbon-neutral alternative to fossil fuels when combusted.

PCBL advanced 4.27% after the company said that its board has accorded its in-principle approval for acquiring 212,172 shares (representing 100% stake) of Aquapharm Chemicals (ACPL) for an aggregate consideration of Rs 3,800 crore.

Havells India rose 0.77%. The firm said that it has partnered with TeknoDome, a distribution conglomerate headquartered in Dubai, for launching its consumer durable brand `Lloyd� in the Middle East Market.

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