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Nifty trades above 18,250; IT shares advance

Published on May 22, 2023 10:32

The domestic equity barometers traded with decent gains in morning trade. The Nifty traded above the 18,250 mark. IT stocks saw buying demand for second straight day.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 169.71 points or 0.27% to 61,899.39. The Nifty 50 index added 68.60 points or 0.38% to 18,272.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,782 shares rose and 1,443 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 113.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,071.35 crore in the Indian equity market on 19 May, provisional data showed.

Results Today:

Shree Cement (up 1%), Bharat Petroleum Corporation (up 0.06%), PB Fintech (down 1.46%), Aditya Birla Fashion and Retail (down 1.15%), CESC (up 0.18%), Capri Global Capital (up 0.44%), EIH (up 1.68%), Finolex Industries (up 2%), Fusion Micro Finance (up 0.24%), Gujarat Alkalies & Chemicals (down 0.30%), HCL Infosystems (down 1.12%), HEG (up 1.97%), Indiabulls Housing Finance (up 0.22%), Radiant Cash Management Services (up 4.94%), SJVN (up 0.87%), Sun Pharma Advanced Research Company (up 1.80%), and Waaree Technologies (down 5%) will announced their quarterly earnings later in the day.

Buzzing Index:

The Nifty IT index rose 1.11% to 28,618.50. The index gained 2.58% in two trading sessions.

L&T Technology Services (up 1.33%), LTI Mindtree (up 1.29%), Tech Mahindra (up 1.16%), Mphasis (up 1.13%), Wipro (up 1.05%), Infosys (up 0.94%), Persistent Systems (up 0.91%), Coforge (up 0.61%), Tata Consultancy Services (up 0.54%) and HCL Technologies (up 0.48%) advanced.

Stocks in Spotlight:

Multi Commodity Exchange of India declined 2.91% after the company`s consolidated net profit tumbled 85.1% to Rs 5.45 crore in Q4 FY23 as compared with Rs 36.53 crore in Q4 FY22. Total income jumped 25.6% to Rs 133.75 crore in Q4 FY23 as compared with Rs 106.45 crore in corresponding quarter last year.

Tata Consultancy Services (TCS) gained 0.58% after the company announced that a consortium led by it had received an advance purchase order worth over Rs 15,000 crore from Bharat Sanchar Nigam (BSNL).

Aurobindo Pharma jumped 2.47%. The Indian pharmaceutical company announced that it has received a Form 483 from the United States Food and Drug Administration (US FDA) following an inspection of its Unit XIV, an API Non-antibiotic manufacturing facility situated at Paravada Industrial Area in Andhra Pradesh, from 15th to 19th May 2023.

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