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Sensex jumps 550 pts, HCL Tech rallies 3%, IT shares in demand

Published on Jan 15, 2024 10:37

The benchmark indices traded with moderate gains in morning trade. The Nifty traded above the 22,000 level. IT shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 550.51 points or 0.76% to 73,118.96. The Nifty 50 index added 136.95 points or 0.63% to 22,031.50.

The benchmarks, Nifty50 and Sensex hit a fresh all-time high of 22,081.95 and 73,288.78 respectively.

In the broader market, the S&P BSE Mid-Cap index gained 0.26% and the S&P BSE Small-Cap index added 0.10%.

The market breadth was positive. On the BSE, 1,981 shares rose and 1,692 shares fell. A total of 173 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 1.95% to 37,234.40. The index jumped 7.19% in two trading session.

Wipro (up 7.17%), Tech Mahindra (up 3.7%), HCL Technologies (up 3.06%), Infosys (up 2.14%) and LTIMindtree (up 1.77%), Coforge (up 1.41%), Persistent Systems (up 1.32%), Tata Consultancy Services (up 1.31%), L&T Technology Services (up 0.13%) and Mphasis (up 0.07%) edge higher.

Wipro jumped 7.17% after the IT major`s consolidated net profit rose 1.81% to Rs 2,694.2 crore despite of 1.38% decline in revenue from operations to Rs 22,205.1 crore in Q3 FY24 over Q2 FY24.

HCL Technologies rallied 3.06% after the company reported 13.52% jump in consolidated net profit to Rs 4,350 crore on 6.65% increase in revenue from operations to Rs 28,446 crore in Q3 FY24 over Q2 FY24. Compared with Q3 FY23, the company`s net profit and revenue were higher by 6.20% and 6.54%, respectively.

Stocks in Spotlight:

Bharat Heavy Electricals rose 2.14% after the company said that it has received an order worth Rs 15,000 crore from NLC India, Neyveli for setting up 3x800 MW NLC Talabira Thermal Power Project (NTTPP), Jharsuguda, Odisha, India.

Adani Enterprises shed 0.60%. The company said that its wholly owned subsidiary, Adani New Industries received letter of award (LoA) from Solar Energy Corporation of India (SECI) for setting up manufacturing capacity for Electrolysers in India.

eMudhra rose 0.95%. The company said that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 443.56 per share. The company`s board authorized and declared the opening of the issue on Friday, 12 January 2024.

Den Networks declined 4.31% after the company reported 5% decline in consolidated net profit to Rs 48 crore on 1% fall in net sales to Rs 273 crore in Q3 FY24 over Q3 FY23.

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