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Sensex, Nifty trade with decent gains; IT shares in demand

Published on Jan 23, 2023 14:31

The domestic equity barometers traded with decent gains in mid-afternoon trade. The Nifty traded above the 18,100 level. IT shares witnessed across the board buying.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 352.49 points or 0.58% to 60,974.26. The Nifty 50 index added 97.80 points or 0.54% to 18,125.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index shed 0.24%.

The market breadth remained negative. On the BSE, 1,701 shares rose, and 1,888 shares fell. A total of 193 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.352 from its close of 7.347 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.4200, compared with its close of 81.1700 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.22% to Rs 56,785.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.27% to 101.73.

The United States 10-year bond yield fell 0.26% to 3.475.

In the commodities market, Brent crude for March 2023 settlement lost 10 cents or 0.11% to $87.53 a barrel.

Buzzing Index:

The Nifty IT index rose 1.70% to 30,030.55. The index had declined 0.35% to end at 29,529.65 on Friday.

Coforge (up 5.58%), Persistent Systems (up 4.31%), L&T Technology Services (up 2.78%), LTI Mindtree (up 2.06%) and Tech Mahindra (up 1.97%) were the top gainers.

Among the other gainers were Infosys (up 1.7%), Mphasis (up 1.36%), Tata Consultancy Services (up 1.17%), HCL Technologies (up 0.84%) and Wipro (up 0.81%).

Stocks in Spotlight:

Canara Bank advanced 1.21%. The public sector bank reported a standalone net profit of Rs 2,882 crore in Q3 FY23, which is higher by 91.88% as compared with the same period last year. The bank`s net profit in Q3 FY22 was Rs 1,502 crore. Total income rose by 23.01% YoY during the quarter to Rs 26,217 crore.

Craftsman Automation slipped 3.69%. The auto ancillary company`s consolidated net profit surged 37.26% to Rs 51.61 crore on 35.17% rise in revenue from operations to Rs 749.03 crore in Q3 FY23 over Q3 FY22.

Marksans Pharma declined 1.86%. The drug maker said that the UK MHRA has granted market authorisation to the company`s wholly owned subsidiary Relonchem for Fluoxetine 20mg/5ml oral solution.

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