Sensex gains 160 pts; IT shares advance

The key equity benchmarks continued to trade with minor gains in morning trade. The Nifty traded above the 22,950 mark. IT shares gained after declining in the previous trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 160.48 points or 0.21% to 75,570.87. The Nifty 50 index added 27.50 points or 0.12% to 22,987.70.

The Sensex and Nifty clocked an all-time high of 75,679.67 and 23,043.20 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index shed 0.04%.

The market breadth was strong. On the BSE, 1,665 shares rose and 1,949 shares fell. A total of 173 shares were unchanged.

Economy:

India�s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.

Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.

India�s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.

Results Today:

Life Insurance Corporation (up 0.23%), Astrazeneca Pharma India (up 5.72%), National Aluminium Company (up 0.10%), Automotive Axles (down 0.64%), Borosil Renewables (up 1.46%), Career Point (down 4.42%), DCM Shriram Industries (down 1.43%), Elgi Equipment (down 0.19%), Electronics Mart India (down 1.90%), Flair Writing Industries (up 2.89%), HBL Power System (up 0.58%), Indowind Energy (down 0.50%), Jindal Worldwide (down 1.33%), Juniper Hotels (down 0.01%), Kirloskar Industries (down 1.43%), Likhita Infrastructure (up 0.14%), Lumax Auto Technologies (up 2.42%), MSTC (up 0.55%), Natco Pharma (up 1.32%), NIBE (up 0.11%), NMDC (down 1.40%), Nova Agritech (down 1.86%), NMDC Steel (down 1.46%), Parle Industries (up 4.92%), Ruchira Papers (down 1.53%), Saksoft (down 0.69%), Sigachi Industries (down 0.47%), Sumitomo Chemical India (down 0.43%), TARC (down 1.82%), TVS Supply chain Solutions (down 0.42%), Usha Martin (down 1.52%), Vishnu Prakash R Pungalia (up 2.15%) and West Coast Paper Mills (down 0.70%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty IT index rose 0.74% to 34,073.25. The index shed 0.64% in the past trading session.

Persistent Systems (up 2.53%), Coforge (up 1.94%), Mphasis (up 1.53%), Tata Consultancy Services (up 1.23%) , Tech Mahindra (up 0.67%), LTIMindtree (up 0.35%), L&T Technology Services (up 0.25%), HCL Technologies (up 0.25%) and Infosys (up 0.11%) edged higher.

On the other hand, Wipro (down 1.71%), moved lower.

Stocks in Spotlight:

Divi`s Laboratories advanced 3.56% after the company`s consolidated net profit jumped 67.6% to Rs 538 crore on 18.04% rise in revenue from operations to Rs 2,303 crore in Q4 FY24 over Q4 FY23.

Som Distilleries & Breweries slipped 5.41%. The company said that it has received official permission from the State of Telangana to supply the company�s renowned beer brands.

Hindustan Copper declined 1.28%. The company�s consolidated net profit from continuing operations decreased 5.61% to Rs 124.75 crore in Q4 FY24 as compared with Rs 132.17 crore posted in Q4 FY23. Revenue from operations rose marginally on YoY basis to Rs 565.37 crore in the quarter ended 31 March 2024.

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