Nifty hovers above 18,200; IT shares gain
Published on May 18, 2023 12:34
The key equity indices traded with minor gains in early afternoon trade. The Nifty hovered above the 18,200 level. IT shares saw some buying demand. Trading was volatile due to expiry of weekly index options on the NSE.
At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 132.89 points or 0.22% to 61,693.53. The Nifty 50 index rose 28.80 points or 0.16% to 18,210.55.
In the broader market, the S&P BSE Mid-Cap index shed 0.08% while the S&P BSE Small-Cap index gained 0.30%.
The market breadth was positive. On the BSE, 1,863 shares rose and 1,448 shares fell. A total of 159 shares were unchanged.
Investor sentiment improved on progress in debt ceiling negotiations in the United States. U.S. President Joe Biden and the US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 1.01% to 12.97. The Nifty 25 May 2023 futures were trading at 18,228.15, at a premium of 17.6 points as compared with the spot at 18,210.55.
The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 56.5 lakh contracts at the 18,500 strike price. Maximum Put OI of 53.7 lakh contracts were seen at 18,000 strike price.
The Nifty IT index rose 0.18% to 27,992.70. The index was down 0.97% in the past trading session.
Mphasis (up 0.81%), Infosys (up 0.77%), L&T Technology Services (up 0.74%), Coforge (up 0.71%), LTI Mindtree (up 0.43%), HCL Technologies (up 0.42%), Wipro (up 0.39%) advanced.
On the other hand, Persistent Systems (down 0.35%), Tata Consultancy Services (down 0.15%) and Tech Mahindra (down 0.09%) edged lower.
Stocks in Spotlight:
Whirlpool of India rose 0.36%. The household appliances company reported 25.2% decline in consolidated net profit to Rs 62.68 crore on 2% fall in net sales to Rs 1,672.65 crore in Q4 FY23 over Q4 FY22.
JK Tyre & Industries tumbled 5.75%. The tyre maker reported 169.6% jump in consolidated net profit to Rs 108.38 crore in Q4 FY23 as compared with Rs 40.20 crore in Q4 FY22. Revenue from operations rose 9.7% year on year to Rs 3,632.47 crore in Q4 FY23.
RailTel Corporation of India declined 1.03%. The public sector enterprise reported 40% jump in consolidated net profit to Rs 76.04 crore on 51.1% rise in revenue from operations to Rs 703.63 crore in Q4 FY23 over Q4 FY22.
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