Nifty climbs above 21,650 mark; IT shares in demand

The benchmark indices traded with significant gains in morning trade. The Nifty traded above the 21,650 mark. IT shares gained after declining in the past trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 575.57 points or 0.81% to 71,930.79. The Nifty 50 index rose 172.80 points or 0.80% to 21,685.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index added 0.76%.

The market breadth was strong. On the BSE, 2,549 shares rose and 997 shares fell. A total of 163 shares were unchanged.

Buzzing Index:

The Nifty IT rallied 1.64% to 35,080.90. The index declined 0.97% in the past trading session.

L&T Technology Services (up 2.68%), Wipro (up 1.7%), Coforge (up 1.68%), HCL Technologies (up 1.62%), Tata Consultancy Services (up 1.6%), Infosys (up 1.58%), Tech Mahindra (up 1.51%), LTIMindtree (up 1.45%), Persistent Systems (up 1.21%) and Mphasis (up 1.1%) rallied.

Stocks in Spotlight:

Aurobindo Pharma advanced 1.03% after the U.S. Food and Drug Administration (FDA) had conducted an inspection at the Unit VI-B, a Formulation manufacturing facility of the company, situated at Chitkul Village, Telangana, from 22 to 29 September 2023. The Unit has now received Establishment Inspection Report classifying the facility as "Voluntary Action Indicated" (VAI).

BEML rose 0.46%. The BEML has bagged orders from Ministry of Defence for supply of Mechanical Minefield Marking Equipment Mark-II valued at approximately Rs. 329.87 crores.

Inox Wind rallied gained 1.31% after the firm received a Letter of Intent (LoI) to carry out a 50 MW ISTS connected wind power project by NLC India, a Navratna CPSU. The project includes the supply, installation, and commissioning of DF 113/92 - 2.0 MW capacity Wind Turbine Generators (WTGs) by Inox Wind. Additionally, the company will provide extensive operations & maintenance (O&M) services for over 10 years after commissioning.

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